Jiangxi Copper, China’s top producer of the metal, has suspended a programme of copper exports that had helped to push down world prices, little more than a month after it was launched. | 中国最大的铜生产企业江西铜业(Jiangxi Copper)中止了一项执行刚一个月的铜出口计划，这一计划已促使世界铜价下跌。 |
China is the world’s biggest copper buyer, accounting for about 40 per cent of global consumption. | 中国是世界最大的铜进口国，其铜消费量占世界的40%。 |
But in late April Jiangxi and other Chinese smelters surprised metals traders by announcing a rare co-ordinated effort to export copper in response to a domestic glut that had pushed down prices in China relative to the rest of the world. | 但就在4月末，江西和中国其他一些精炼厂宣布了一项罕见的铜出口合作，以应对国内供应过剩导致中国铜价低于世界其他地区的现象。 |
Western traders had expressed some scepticism about whether the Chinese smelters would follow through on their plans, but since the announcement in late April, 52,300 tonnes of copper have been delivered into London Metal Exchange-registered warehouses in South Korea, the closest delivery point to China. | 西方交易员对这些中国精炼厂能否贯彻上述计划表示了一定程度的怀疑。但自这些中国精炼厂4月末宣布出口计划以来，它们已向伦敦金属交易所(LME)在韩国的注册仓库交运了5.23万吨铜。这些韩国仓库是离中国最近的LME交货地。 |
The inflows of metal in Asia have halted a sharp decline in LME inventories, which in May fell to their lowest since late 2008. That, together with growing fears about the eurozone debt crisis, has pushed the LME price of copper down more than 10 per cent since the end of April. Copper prices rose 1.3 per cent to $7,560 a tonne yesterday after China cut interest rates for the first time since 2008. | LME的铜库存近期大幅下滑，5月份更是降至2008年末以来的低点。不过，亚洲仓库有铜入库，这一下滑趋势已暂时中止。与此同时，人们对欧元区债务危机的担忧也在不断加重。两方面因素结合起来，使得LME铜价自4月末以来累计下跌了逾10%。昨日，中国宣布了2008年以来的首次降息举措之后，铜价上涨到每吨7560美元，涨幅为1.3%。 |
Pan Qifang, board secretary of Shanghai-listed Jiangxi, confirmed that the company had suspended its export programme, emphasising that its trades were driven by commercial motives. Copper prices on the Shanghai Futures Exchange have fallen slightly less than LME prices over the past month, making exporting less attractive. | 江西铜业董秘潘其方证实，这家在上海上市的公司已中止了铜出口计划。潘其方强调，这宗贸易是出于商业考虑。由于上海期货交易所(Shanghai Futures Exchange)一个月来的铜价跌幅略低于LME，铜出口的吸引力有所下降。 |
“Maybe the suspension will be temporary,” said Mr Pan. “If there is a commercial need, then we would definitely keep exporting,” he added, noting that Jiangxi’s products are deliverable against LME contracts. Mr Pan declined to reveal how much copper Jiangxi had already exported under the programme. | 潘其方表示：“此次的出口中止可能是暂时的，如果有商业需求的话，我们一定会继续出口。”他同时指出，根据LME合约，江西铜业的铜是可交割的。潘其方拒绝透露江西铜业依照上述计划已经出口了多少铜。 |
Traders say that much of that metal that has been delivered into LME warehouses in Korea is likely to be from China, although some of it may have come from shipments that had been destined for China but were diverted due to weak demand in the country. The most recent Chinese trade data for April showed a pick-up in copper exports to 27,000 tonnes, the highest in a year. | 交易员们表示，交运到LME韩国仓库的铜，有许多可能来自中国——尽管其中一部分可能原本是从别处运到中国、但由于中国需求疲软而被转运来的。4月份的中国最新贸易数据显示，铜出口量升至2.7万吨，为一年来的最高水平。 |
Chinese metals traders say fears over slowing economic growth have been partially allayed in recent weeks by Beijing’s efforts to boost growth, which include policies that may help metals demand, such as extending subsidies for home appliances and encouraging subsidies for car purchases. | 中国金属交易员表示，最近几周，中国政府刺激经济的努力已经部分缓解了人们对经济增长放缓的担忧。这些努力包括可能会提振金属需求的政策，比如延长家电补贴和鼓励出台购车补贴。 |
Additional reporting by Gwen Chen in Beijing and Jack Farchy in London | 陈晓敏(Gwen Chen)北京、杰克?福尔奇(Jack Farchy)伦敦补充报道 |
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