BIR Non-Ferrous World Mirror 92, 07/2010

Hard work rewarded

We've just come off a tremendously successful Convention in Istanbul - a Convention full of substantive meetings, good discussions, a litany of qualified speakers, and one of the best venues for a Convention we have ever had. I'd like to thank the Secretariat for its hard work in putting forward such a wonderful program.

The recent announcement by the Government of China that it will allow its currency to float more freely had the initial effect of moving all commodity markets sharply higher before selling off just as quickly. The euphoria didn't last long as cooler heads prevailed as the conservative posture that the Government chose to pursue became more apparent.

There are still various schools of thought as to what the long-term implications are for metals. One camp would have metal commodity prices continue to strengthen because of the anticipated increased buying power of the Yuan; while the other camp would have it that development of a more domestic-based consumption side aspect to the Chinese economy will not be enough to sustain high metals prices. One thing that most sides unite on: the probability of inflation in industrialized nations whose economies have not suffered inflation because of imported, low- priced Chinese goods.

I wish you all a restful summer and I look forward to seeing you in Brussels. Your Non- ferrous Metals Division has already begun planning for it and we promise a top-flight program.

Robert Stein
Alter Trading (USA)
President of the Non-Ferrous Metals Division
28th June 2010

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