Investors in the debt of the group are tranquil

The correction is faster on raw materials markets. The resurgence of the financial crisis, resulting in the part of the funds of decommitments assets most valued as a resource to fill the holes dug in the other markets, cascading brought the oldest of this class of assets, the CRB index, about 11 a month. Highly processed by financial players, copper is the lowest for eight months. Operators are also concerned with the possible negative consequences on Chinese demand for industrial raw materials of screws tour given by Beijing to access to housing credit.

Despite this very fluid environment, number two worldwide physical trading of industrial raw materials, the Swiss company Trafigura delivers a message of confidence. Present in force in the former empire of the middle with a subsidiary of Chinese law with some 200 employees distributed on seven offices, Trafigura brings expertise of choice. Authorized to intervene directly in the local markets of derivatives of natural resources, the trader said "in this time a rebalancing orchestrated by the Chinese authorities to spend 12 growth is not sustainable and sustainable at a rate of between 7 and 9 stable growth", said Pierre Lorinet, financial Director of the firm. Manoeuvre "that could certainly lead to instability on the markets of contents first for the next six to nine months, but that does not the fundamentals of a strong Chinese growth in the medium-long term based on urban development and infrastructure investment", complete.

Forecasts of diversification

The current unrest are not likely to jeopardize the profitability of the trader, whose business model is entirely based on the operation of the price volatility of the resources that it deals with: mainly products of energy (77 of the turnover in 2009) and base metals. If the errors of the black gold prices have declined between October and March, admitted Pierre Lorinet, those of the non-ferrous (23 of the turnover in 2009), have been much profitable. At the time, according to an analyst, Trafigura has a good chance in 2010, to view profit net in the middle of those recorded between 2006 and 2008 (between 500 and 600 million dollars). There would however below the outstanding amount of $ 940 million in 2009.

Investors in the debt of the group are tranquil. Evidenced by the recent success of an investment of 400 million euros of bonds. More than 120 major European accounts have placed orders for approximately EUR 1 billion, or 3.3 times the amount initially required of EUR 300 million. In November, Trafigura will address the extrême-oriental banking market to refinance $ 1 700 million and 225 million in 3 years. "Asia is very positive." "Chinese banks will make the difference," commented Pierre Lorinet.

Growth projects, trading giant intends to diversify in iron ore and thermal coal, with respectively 10 to 20 million tonnes in three to five years. Nothing is however planned on the acquisition front, even if the company is always ready to share interesting repurchases which do not sums likely to destabilize its balance sheet hire.