LME年会：中国成焦点（中英双语）
青岛希尼尔翻译咨询有限公司（www.sinosenior.com）整理发布 2015-10-17
青岛希尼尔翻译公司（www.sinosenior.com）2015年10月17日了解到：在“伦敦金属交易所年会”(LME
Week)会期的第二天，中国一直是话题的中心。当天晚上，在伦敦公园巷(Park Lane)的格罗纳夫大酒店(Grosvenor House
Hotel)举办了盛大宴会，约2000人出席。China not far from everyone’s minds at LME Week
China was never far from the conversation on Day 2 of LME Week, which
ended in a gala dinner for 2,000 people at Grosvenor House Hotel on Park
Lane.
In the morning, Garry Jones, chief executive of the London Metal
Exchange, told the China Nonferrous Metals Industry Association’s forum
that he expected to sign an agreement with China during President Xi
Jinping’s upcoming visit to the UK. 当天上午，在中国有色金属工业协会(China Nonferrous
Metals Industry Association)举办的“中国有色金属论坛”上，LME行政总裁加里?琼斯(Garry
Jones)表示，他期待着在中国国家主席习近平近期访英期间与中方签署一项协议。
While no details were provided, it will be related to China’s policy to
revive the ancient Silk Road. The need to forge stronger links with
China became starkly evident just after his speech when the Shanghai
Futures Exchange’s executive vice-president Teng Jiawei said it wanted
to build a platform to allow foreign investors direct access.
他没有透露任何细节，但这项协议想必与中国复兴古丝绸之路的政策有关。在他讲话后，上海期货交易所(Shanghai Futures
Exchange)副总经理滕家伟紧接着发言，表示上期所希望打造一个外国投资者可以直接进入的平台。LME与中国建立更紧密联系的必要性由此显露无疑。
The LME is nervously eyeing Shanghai Futures Exchange, which is enjoying
strong growth. The exchange, which is dominated by retail investors
unlike the LME’s larger industrial customer base, launched a new nickel
contract earlier this year. It has already reached 90 per cent of the
volume traded on the LME.
LME正在紧张地关注着发展势头迅猛的上期所的一举一动。今年早些时候，上期所新推出了一项期镍合约。LME以大型工业客户为主，而上期所由散户主导，其交易量已相当于LME交易量的90%。
As the largest consumer of the worlds commodities, China is seeking a
greater share in global pricing. It plans to allow foreign investors to
trade a new renminbi crude oil contract. Oil has for decades been priced
in the US dollar.
作为全球大宗商品的最大消费国，中国正寻求在国际市场上获得更大的定价权。中国计划允许外国投资者参与买卖一项新的人民币原油合约。数十年来，石油一直以美元计价。
Still at the China Nonferrous Metals Industry Association meeting, the
decline in China’s transportation and construction sectors as well as
sluggish investment growth, were billed as the “new normal”. China’s
base metals markets were also expected to remain oversupplied next year.
在中国有色金属论坛上，中国交通运输和建筑行业的放缓以及投资增长的低迷被称为“新常态”。此外，明年中国贱金属市场被认为仍将保持供大于求的状态。
China was very much on the minds of delegates at the breakfast reception
hosted by CRU, one of the industry’s leading consultants. The big
challenge in this stage of the commodity cycle, CRU said, was waiting
for a supply-side response from China, where decisions to shut mines do
not only depend on economics.
在行业主要咨询机构之一英国商品研究所(CRU)举办的早餐招待会上，代表们也十分关注中国。该研究所称，在大宗商品周期的这个阶段，一个重大挑战是等候中国在供应面的反应。在中国，是否关闭矿场并非完全取决经济因素。
“In the past when prices went into the cost curve you knew there would
be a positive response. But with China?.?.?.? that’s not clear,” said
CRU’s Colin Pratt.
“过去当价格与成本曲线相交，你便知道将会出现积极的反应。但是对于中国……这并不确定，”该研究所的科林?普拉特(Colin Pratt)称。
Glencore’s zinc production cuts were also debated with attendees asking
if it marked a real turning point for the metal. For many that all
depends on China and whether it responds to Glencore’s move by
increasing domestic output of zinc concentrate. 代表们也讨论了嘉能可(Glencore)削减锌产量的事情，有人提出这是否标志着该金属迎来真正的拐点。很多人认为，这完全取决于中国，要看中国是否会通过增加国内锌精矿产量来应对嘉能可减产。
Overall, the mood at the CRU reception was cautiously upbeat. With
prices 20 to 40 per cent below the long-run marginal cost of production,
Mr Pratt said commodities must be close to bottoming out.
早餐会上的情绪总体上是谨慎乐观的。鉴于目前大宗商品价格比长期边际生产成本低20%至40%，普拉特认为大宗商品价格应该已经接近触底。
“We may look back in a couple of months and see that we were shopping in
the bargain basement,” he said. “几个月后再来回顾现在的情形，我们会明白这个时候价格已经在底部了，”他称。
Back at the LME Dinner, there was heavy Chinese contingent on the main
table including the country’s ambassador to the UK. However, the
after-dinner speech came from Oscar Landerretche, chairman of Chile’s
Codelco, the world’s largest copper producer, who used quotes from The
Godfather to reflect on the state of the mining industry.
在当夜的LME晚宴上，主桌上赫然坐着多位中国代表，其中包括中国驻英大使。不过，宴会后发表演讲的是全球最大铜生产商——智利国家铜业公司(Codelco)的董事长奥斯卡?兰德雷彻(Oscar
Landerretche)，他引用了《教父》(The Godfather)中的台词来描述矿业现状。
“Pretty goddamn bad,” he said, quoting Peter Clemenza’s response to
Michael Corleone’s question about how bad things could be in a war
between mafia families. But downturns help clean the bad blood.
“他妈的蛮糟的，”他说。在影片中，当迈克尔?科莱奥内(Michael Corleone)问道，黑手党家族之间的战争会使形势变得多糟糕时，彼得?克莱门扎(Peter
Clemenza)就是这么回答的。但是衰退有助于清除坏掉的血液。
“The customers and practices bred by the boom years have just to be
cleansed every five years,” Mr Landerretche said.
“繁荣时期培养出的客户和做法，每五年就会被清理一遍，”兰德雷彻称。
Earlier in the day, Mr Landerretche, an economist and academic, told the
Financial Times that Codelco was willing to cut copper production like
rivals Glencoreand Freeport-McMoRanbut only if prices go down further.
当天早些时候，身为经济学家和学者的兰德雷彻向英国《金融时报》表示，只有价格进一步下滑，Codelco才会愿意像竞争对手嘉能可和麦克米伦铜金公司(Freeport-McMoRan)一样削减铜产量。
“But if prices go down, if finance is restricted, we have to deal with
the short-term consequences of that, and we may have to do some cutting,
we may have to do some adjustments. But we are always going to protect
the future of Codelco,” he said.
“但是如果价格下滑、融资受限，我们不得不应对这种情况的短期后果，我们可能不得不减产，可能不得不做出一些调整。但是我们永远要保护Codelco的未来，”他称。
The Commodities Note is an online commentary on the industry from the
Financial Times 本文是英国《金融时报》“大宗商品笔记”(Commodities
Note)专栏的一篇文章，该专栏是关于大宗商品行业的在线评论
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