查看更多>>摘要：A subdued tone overtook the base metals ton on the London Metal Exchange Friday, with a lack of demand by Asian players overnight leaving prices floundering as support levels were probed. The markets took little note of the fact that oil prices have fallen after news that Venezuelan President Hugo Chavez was giving up power raised expectations of resumption of oil flow from the world's fourth largest oil exporter. Instead, with global economic indicators looking less bullish, prices fell disappointingly lower across the board.COPPER: Bank selling pushed three-month copper down through 1,580 dollars a metric ton, as the lack of Far Eastern buying failed to support the market. Copper touched 1,377 dollars/ton (bid) with support at 1,370-75 dollars/ton the next key area set to be probed, market players said. If this support is broken then the downside target becomes 1,530-35 dollars/ton, players added. Speculative players are nonetheless expected to enter should support hold firm, with buying up through 1,590 dollars/ton expected, with the upside capped around 1,610 dollars/ton. Dealers said the absence of players in China, who have been relatively steady buyers last week, was unexpected given the weaker close of copper.
查看更多>>摘要：As predicted by this report, the base metals complex suffered another bout of selling (with the exception of Nickel) after a small corrective rally. The floor was provided by physical demand. However, it appears that trade is not ruling out further lows. The flagship copper contract is flirting with a technical break-out on the downside and if it fails to close convincingly above 1575 dollars/ton this week, then it is vulnerable to further whacking. Rest of the metals are likely to follow copper, provided there are no fresh developments on the supply side. As always, economic numbers expected from US this week will be closely monitored by the market.While we remain no too friendly short term towards base metals, unless fresh positive news surprises all, but we strongly feel that any further losses in the region of 2-5 percent in base metals would present long term buying opportunities. After all we are all optimistic on US Economic recovery, but may differ on the timing.
查看更多>>摘要：South Korea's Public Procurement Service bought 7,000 metric tons of aluminium ingots of Australian and South African origins at undisclosed premiums in a tender concluded last week, a PPS official said. Premiums were quoted over the London Metal Exchange cash price, on a cost, insurance and freight basis to Pusan. Deliveries will be made three months after the letter of credit is issued.
查看更多>>摘要：Dubai Investments has reached a memorandum of understanding with Al Ghurair Private Co and Pechiney to set up an aluminium foil rolling plant in Dubai. Projected investments are between Dh400-450 million. The new entity, Emiroll, will be operated by France's Pechiney, which will use its latest continuous casting and rolling technology. It will be developed at the Dubai Investments Park, which makes it close to Dubai Aluminium's smelter and the Jebel Ali port. Construction will start by the end of the year, and is scheduled to be completed in 24 months. The financial arrangements have been concluded. The plant will have a capacity of 33,000 tonnes a year of aluminium foils, strips and coils. It is expected to generate revenues of over Dh290 million.
查看更多>>摘要：Aditya Birla Group has shown interest in buying the 98.5 percent stake offered by the Government in HCL. The other contender is Sterlite Industries Limited. Both have a capacity of 150,000 each and the capacity is enough to meet the demand of the country for refined copper.Birla Copper has announced concrete plans to add at least another 70,000 tons in a new brownfield smelter which will adopt new technology. The company is considering doubling its capacity by adding 150,000 tons but these plans are not definite yet. The government's policy of lowering the import duties in a phased manner is the factor that is stalling Birla Copper's plans. With the Government trying to bring down the import duty on copper, it has already been brought down to 25 percent from 35 percent, with further threat of going down to 20 percent, it would be worthwhile for both to have a hold on a local producer who is integrated from the ore to refined stage and HCL fits that bill.
查看更多>>摘要：The Indian zinc industry became entirely privatised when Sterlite paid Rs 4.45 billion to the Ministry of Mines on April 11 for a 26 percent stake and took control of the management of the company. Sterlite will have 6 directors on the board while government will have 5 with its chairman. Sterlite will nominate the managing director.It was the practice of HZL as PSU to announce monthly prices of zinc and lead based on LME prices and delivered cost inclusive of freight and import duties. It remains whether Sterlite will adhere to this procedure. There is no great scope to hike the prices as most of the buyers are big and they can always resort imports.
查看更多>>摘要：World zinc prices are likely to fall 5 percent this year from 2001 as supply growth will once again outstrip an increase in demand, Nomura Australia Ltd. said in a report. "We believe zinc prices will remain weak this year, as growth in production outpaces consumption," the report said, projecting the benchmark London Metal Exchange spot zinc price to average around 0.38 US dollars a pound this year, 5 percent lower than last year's average of 0.40 US dollars/lb. Nomura also projects a global supply surplus of 400,000 metric tons this year, as world refined zinc supply grows by around 3 percent while world consumption is likely to rise only 1 percent.
查看更多>>摘要：China has trimmed its gold output target to 180 metric tons this year, from a record 181.83 tons in 2001, the State Economic and Trade Commission said. China's main regulatory agency urged local gold bureaus to actively crack down on illegal gold mines, upgrade smaller mines, as well as improve efficiency and reduce production costs in gold operations. The agency also urged further exploration for gold reserves, especially in the western part of China, and pressed for a reduction in mine accidents this year.
NSTL