Inscription : 05/02/2005
Messages : 20166
| Re: la chine reléve ses appels de couverture |
par Invité Ven 26 Nov 2010 - 17:35
Quelques explications. Ce n'étaient pas seulement les MP citées plus haut mais également les MPx sur le SFE : And just to make sure the message is heard loud and clear, the Shanghai Futures Exchange did an identical move just hours earlier.From Bloomberg:
<BLOCKQUOTE>The Shanghai Futures Exchange, where the world’s top three metals contracts are traded, will increase margins and daily price limits in the latest move by China to curb speculation and cool inflation.
Margins on copper, aluminum, steel wire, gold and fuel oil will rise to 10 percent, the bourse said in a statement. They gain to 12 percent for steel-reinforcing bars and zinc, and to 13 percent for rubber, after the market closes on Nov. 29, it said. Daily price limits for all products will widen to 6 percent from Nov. 30, it said.
China, the world’s biggest consumer of commodities, has pledged to control prices, and may raise interest rates a second time this year to slow the fastest inflation in two years and curb food costs that jumped 10.1 percent in October. The nation has also made trading commodity futures more expensive.
“This is another move aimed at controlling risk and curbing speculation,” Yu Ye, an analyst at Minmetals Futures Co., said by phone from Shenzhen.
</BLOCKQUOTE>Bottom line: these moves will achieve a price drop in the near term as marginal speculators are kicked out. We anticipate that the effect will last about a week, at which point price increases will resume with an even more pronounced pace and the PBoC will have no choice but to hike rates. For now, however, crisis has been averted, and yet another can kicking stop-gap has been implemented that does nothing to fix the underlying problem and everything to soothe the symptom in hopes that someone somewhere will actually do the right thing. http://www.zerohedge.com/article/chinese-exchanges-hike-margins-virtually-all-commodities-temporary-attempt-cool-surging-pric
La dépêche Bloomberg :