查看更多>>摘要：Ironically Alan Greenspan once again managed to rescue the market from extremely poor sentiment by abstaining from a further interest rate cut. A rate cut at this point of time would have echoed the fears of a double dip recession in the US and would have been counterproductive. However, Mr Greenspan would need more than rhetoric in the next few months to prop up sagging investor confidence. Positive development was CEOs of various companies in the US, undertaking their financial results, this should remove some nervousness from the market not to mention its long-term benefit to the investors in US equities.
查看更多>>摘要：The release of U.S. housing and consumer sentiment data sent copper at the London Metal Exchange lower but the failure to break key levels suggests another upside challenge could emerge next week. U.S. housing starts fell 2.7 percent in July against forecasts of a 0.5 percent rise while the University of Michigan's mid-August report on consumer sentiment slipped to 87.9 from 88.1 in July against forecasts of 89.8.
查看更多>>摘要：The much-hyped National Aluminium Company Ltd (Nalco) disinvestment process will soon hit the road with the government inviting expressions of interest (Eols) from bidders. The government has put up its 29 per cent equity in the PSU for sale. It will simultaneously make a public offer of 10 per cent of the company's shares, which will be followed by an American Depository Receipt (ADR) issue of 20 per cent. The three-phase divestment in Nalco would bring down the government equity in the company from 87.15 per cent to 26 per cent. The advertisements inviting Eols for the strategic sale appeared on August 12. The domestic issue would be completed a couple of months before the strategic sale. The execution of strategic sale would take six to eight months while the public issue would take about four months, according to an official in the Cabinet Committee on Disinvestment (CCD).
查看更多>>摘要：Denmark has piped rivals like AV Birla group company Hindalco and Anil Agarwal & Associates, the promoters of Sterlite Industries in the race as the front-runner for acquiring the assets of the sick Pennar Aluminium Company. The Danish company has come out with two proposals: A one time payment of 1.10 billion rupees as full and final settlement of dues to banks, financial institutions (Fls), debenture holders, non-banking finance companies (NBFCs) and the National Aluminium Company. The amount has to be paid within six months after being approved by BIFR. Secondly, it proposes to pay 100 per cent of principal dues on a deferred payment basis. Initially, 10 per cent of the total amount will be paid. The balance 90 per cent will be paid under five annual installments to Fls, debenture holders and NBFCs. In the case of banks and Nalco, the balance outstandings will be converted into zero coupon debentures which will be redeemed in the sixth, seventh and eighth years. Pennar began operations in December 1993 and was in good financial health till March 31, 1996. However, customs duties continuously fell sharply from a peak of 105 per cent to the present levels of 27.5 per cent. This opened the floodgates to imports and the consequent competition saw Pennar slipping into the red and then became a BIFR case.
查看更多>>摘要：After restructuring its aluminium and non-ferrous business, the A. V Birla group, India's largest non-ferrous metals player, is looking to buy aluminium plants abroad. Though the plan may be in its early stage, the group was reported to be eyeing the Middle East region where power costs are cheaper than other parts of the world. Hindalco, the country's largest metal maker, bought the copper business of Indo Gulf Corporation in July making it India's largest non-ferrous metals producer. The capacities are, however, small compared to most global majors. Despite the restructuring, Hindalco's capacities remain small, compared to international bigwigs, like Alcoa, which has a capacity of 4.1 million ton, and Russia's RusAl, which comes second makes 2.5 million ton. Also companies like Rio Tinto and BHP Billiton make both copper and aluminium. Meanwhile, Hindalco has floated a 500 million rupees bond issue, with an inverse floating interest rate structure. This is the third such issue in the market. Grasim had launched two inverse floating issues during this month. ABN Amro Securities is the sole arranger to the Hindalco issue. The issue has been rated "AAA" by Crisil, rating highest safety.
查看更多>>摘要：Brazilian state-owned Companhia Vale do Rio Doce SA, or CVRD, said late Wednesday that a price recovery for aluminium is not anticipated in the next few months, given the current and expected short-term demand evolution for the metal. "Inventories on the London Metal Exchange continue to accumulate and prices have reacted negatively to the turbulence in global financial markets, converging to 1,300 dollars a metric ton, compared to the 2001 average of 1,453 dollars/ton and 1,378 dollars/ton in the first seven months of 2002," CVRD said. In the case of alumina, demand from China provides support for prices at their current level, CVRD added. "For new contracts, the alumina price has remained at around 11 percent of the aluminium price on the LME," CVRD said. According to CVRD, the 3.1 percent drop in global steel output (excluding-China) in 2001 and the expansion of global industrial production in 2002 were the main factors behind recovery of the steel products markets this year. "The average price of steel products rose significantly: the Steel Price Index, computed by CRU, showed a rise of 32 percent between the end of last year and the beginning of August this year," CVRD said.
查看更多>>摘要：The U.S. Midwest aluminium premium over LME cash prices eased again slightly over the course of the week to be quoted in the 4.10-4.40 cents per pound region, compared to around 4.25-4.50 cents last week, traders said. LME cash aluminium closed the afternoon kerb at 57.20-57.25 cents per pound. Sources said conditions during the week on the whole reflected the sluggish nature of industrial activity throughout the country, with only intermittent interest being expressed when aluminium prices dipped on the LME. "There was a little more interest shown when outright metal prices eased a little on the LME for delivery through most of next year, but that was about as exciting as it got all week," lamented one Connecticut-based trader. "Basically it was very quiet throughout the week and the only business done was at low volumes, so we're just sitting here waiting for the summer (lull) to pass and hope things get busier in the last quarter of the year," said another source.
查看更多>>摘要：August is mining month in Chile, the world's biggest copper producer, and the copper industry and the government are sticking to optimistic projections. Mining industry officials have predicted a significant rise in output for next year, even though global economic growth has been disappointing. That will help keep copper prices deflated, analysts say. Chile's mining month underscores that despite advances in financial and pension reform, market opening, and years of high growth in other sectors, the Andean nation still relies heavily on this commodity to provide income. Last year, copper contributed 36.9 percent of exports, though overall mining's share of Chile's gross domestic product was only 8.4 percent and Chile's dominant copper company, state-owned Corporacion del Cobre de Chile, or Codelca, only contributed 2.4 percent to the government's budget, according to data provided by the Chilean government's copper commission, known as Cochilco. After a weak 2002, marred by low prices despite output cuts, Chile's mining industry expects copper output to increase by 15.2 percent to 5.3 million metric tons next year, From an estimated 4.6 million tons over 2001, the president of Chile's National Mining Society, Hernan Hochschild, said earlier this week. He based his estimate on an expected 4.0 percent climb in Chilean GDP.
查看更多>>摘要：The Aditya Birla group company, Indo Gulf Corporation has put in an expression of interest (Eol) for the Gujarat-based, financial institution-controlled copper company SWIL. The 50,000-ton SWIL, which is the country's third largest copper company, used to be the flagship of the Anil Khaitan controlled Satya group. It has been put on the block by the lenders to the project, who have offered a controlling 51 percent to strategic partners. I-Sec is the advisor for the strategic sale. Indo Gulf's Eal is in addition to the other expressions of interest put in by Sterlite Industries, Metdist and Finolex. An Aditya Birla group spokesperson confirmed the development, saying that the company will go ahead only if it adds to shareholder value.
查看更多>>摘要：Russian metals giant Norilsk Nickel exported 108,700 metric tolls of nickel during the first half of tile year, up 27.9 percent on the same period of 2001, an official at the company said. This does not include shipments made as collateral for a 200-million U.S. dollars three-year ball, organized by CSFB earlier this year, for which Norilsk said it shipped a further 60,000 tolls. The collateral was however included in Russian official customs
NSTL