More than 500 professionals of metals come from around the world. Strong Asian participation. A careful and studious atmosphere. The numbers of the first day of the week of the LME, the largest regulated market of the non-ferrous. A week of intense meetings entre producers, bankers, consumers and intermediaries which the organ has been dressed dinner (required evening dress) yesterday evening, which took part some 2,000 players in this industry at the prestigious Grosvenor House Hotel in the heart of the London district of Mayfair. Revenue (120 pounds per person), all seats were taken. A record number which reflects the extreme vitality, across the industrial crisis of the sector.
Without giving in euphoria, the atmosphere was significantly with that of last year. More than ever, the eyes are on China, great source of hope for the evolution of final demand for base metals. Once is not custom, dedicated analysts presentations to the different non-ferrous made less revenue than the two speeches initial, entirely devoted to the analysis of long term in the world economy.
A global recovery in 2010
The participants literally drank the words of Danny Quah, Professor at the London School of Economics. This eminent member of the Economic Council national Malay spoke of the irresistible rise of the former empire of the medium, including developing the theory of the growing decorrelation between asiatiques emerging and developed countries. "The currency crisis of 1997 has been more serious for the emerging countries of this region of the world that the current financial crisis", he said. He meticulously pointed changes in foreign trade Chinese, less oriented to the West and increasingly more directed towards the Extrême-Orient. "The centre of gravity of the global economy moves to the East", he continued. "The place of China is already much more important in global growth than what is believed," said Danny Quah. Words that, obviously, the assistance wanted to hear. More prudent on the role played by the former empire of the Middle, Jeffrey Christian, Director at CMP Group, an American Institute renowned for the quality of its independent on raw research, has nevertheless pointed out that in China, "the Government has shown a great capacity to rapidly deploy its fiscal stimulus program, unlike the United States".For him, the global recovery is for 2010, from late developed and developing countries and emerging countries. Less than three months to wait, must have thought the present. The spectrum of 1929 haunts more operators.
In contrast, Jeffrey Christian has focused on the politiques risks inherent in the new world order that emerges after the financial crisis. Political risk which were more concerned participants well bleak portrait of the market of aluminum, the most important of the non-ferrous, made by Michel Jansen, Director Executive materials first at JP Morgan. They have however been captivated by brilliant demonstration of the strength of the rebound of copper from Gayle Berry, Vice President of the raw materials research at Barclays Capital. The copper which, it must be remembered, has industrial conditions fitted to the body.
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