查看更多>>摘要：Fund and bank buying drove base metals at the London Metal Exchange higher across tile board Friday with zinc and lead both touching one-month highs before profit taking pared the gains by the close. The buying emerged right from tile open as dealers warmed to a strong close for the Dow Jones Industrial Average Thursday and the upside gathered momentum after the emergence of stock draws for both lead and zinc. Lead stocks dropped by 175 tons while zinc stocks fell by 3,100 tolls, helping both markets rally sharply. Sources said the zinc stock draw is the result of a record high level of cancelled warrants in LME warehouses, at 43,700 tons Friday morning, and is indicative of what is expected to be a period of steady drawdowns in the days to come. Zinc hit the high at 790.50/ton dollars but the attention of the major buyers did not focus on lead until the second ring of official trade when its high at 444.50/ton dollars was posted.
查看更多>>摘要：As expected the base metals shadowed the equity markets holding above their recent lows. While US equities came under pressure due to weekend profit taking, however, it appears that there is no immediate danger of another sell-off. That means that base metals may build upon the ongoing technical bounce, albeit painstakingly. Shorts may not be too bothered unless copper closes within 1525-50 dollars and aluminium within 1325-50 dollars band. Zinc and nickel have done quite well inching towards key 800 dollars and 7000 dollars levels respectively. Although with massive inventory overhang it is very difficult to be bullish on base metals in the near term, however, a short covering rally may be on cards if physical buying picks up in the next couple of weeks. The problem may further be aggravated for shorts if physical demand surges against a backdrop of good economic data and firmer equities. But hold your horses, as we have to worry about more than one problem, especially after the German Central bank warned about a threat of recession to the German economy.
查看更多>>摘要：The Central government finally invited preliminary bids for a 29.15 per cent stake in the National Aluminium Company (Nalco), India's second-largest aluminium producer. The offer indicated that the government plans to sell the minority stake of its total share of 87.15 per cent of Nalco, and transfer management control. It plans to lower its holding later to 26 per cent through stake sales of 10 per cent to domestic investors, an American Depositary Receipts offering of 20 per cent and two percent to employees. The domestic issue would be completed a couple of months before the strategic sale. While the domestic issue for offloading 10 per cent of the company's stake would be completed by between December '02 and January '03, the ADR issue would be open after the global community settles down to serious business post-Christmas vacations. That could mean a late January opening for ADR issue where 20 per cent of the company's equity would be offered to overseas investors. The Nalco ADRs would be listed on New York Stock Exchange.
查看更多>>摘要：Tata Iron & Steel Company (Tics) may not be able to realise its plans of vying for the stake in the National Aluminium Company [Nalco]. This is because Kumarmangalam Birla the chairman of Hindalco Industries, one of the bidders for Nalco, is also a non-executive member on the board of Tisco which may result in a conflict between the two companies. Though a way out of this deadlock is that Tisco and Hindalco jointly bid for stake in Nalco, as of now there are no indications in this direction. Tisco's interest in aluminium can also be seen in the strategic light given that international steel giant Lakshmi N Mittal-controlled LNM Holdings is also eyeing Nalco to make an entry in Indian metal business. LNM Holdings is reportedly talking to Sterlite group for a possible joint bidding.
查看更多>>摘要：Opposing the Nalco divestment process tooth and nail, the Orissa Chief Minister Naveen Patnaik said lie has decided to take up the issue with Prime Minister Atal Bihari Vajpayee. The ruling Biju Janata Dal [BJD] in Orissa, a coalition partner in the Vajpayee government at the Centre, is opposed to the Centre offloading more than 50 percent shares of Nalco. The BJD had threatened a protracted agitation to force the Centre to review its decision. The Centre and the state government differed on the mode of divestment of Nalco when the issue was discussed at a high-level official meeting in Orissa. A high-level team from the Union steel and mines ministry led by its secretary, A K Kundra discussed the issue with the officials here, which was led by chief secretary, DP Bagchi.
查看更多>>摘要：In an eventuality of Indal's public shareholding coming down to 10 per cent or less, Hindalco has begun buying whatever Indal shares can be had through open market purchases since last week. Though its 25.5 per cent public offer at Rs 120 a share is scheduled to open on September 5 and will continue till October 4, Hindalco is not resting on its oars. The A. V. Birla Group flagship has already mopped up some 0.35 per cent to 0.37 per cent of Indal shares till date from the secondary market at just short of its offer price of Rs. 120. The company's immediate aim is to ensure that the critical gap of about 2.37 per cent between the combined promoters' and institutional holding and the targetted 90 per cent acquisition of Indal's paid-up does deter the ultimate objective of getting Indal delisted. Hindalco holds 5,30,66,724 equity shares of Indal, corresponding to 74.5 per cent of Indal's equity capital as per its public offer document. Renukeshwar Investment & Finance, Hindalco's 100 per cent subsidiary, holds another 7,900 shares or 0.01 per cent. The total promoters' holding is therefore 74.51 per cent as of now. Further as per the latest shareholding pattern with the BSE, UTI along with other mutual funds holds 34,60,444 equity shares or 4.86 per cent as on June 30,'02. Banks, domestic financial institutions and insurance companies together hold 58,93, 132 equity shares or 8.27 per cent. Flls hold 1.08 per cent of Indal equity. Minus the Flls, domestic institutional holding amounts to 13.12 per cent, while with the Fll holding, institutional investors hold an overall of 14.2 per cent. It is believed that if the entire institutional holding (domestic and foreign) gets offloaded in favour of Hindalco during the open offer, the promoters holding would climb up to 88.71 per cent, still short of the target 90 per cent by 1.29 per cent. If the domestic institutional holding goes Hindalco's way, promoters would get 87.63 per cent of Indal equity or 2.37 per cent short of the 90 per cent target.
查看更多>>摘要：Hindalco has floated a Rs. 500 million bonds issue, with an inverse floating interest rate structure. This issue is the first in the country, where the coupon rate is arrived at based on tile 6-month forward rate for tile US dollar. In such issues, the coupon is the difference between a fixed rate and a floating benchmark. Usually, this kind of a structure provides investors with a higher return in a falling interest rate scenario. The Hindalco bonds have two options. The first has a 5-year tenor and a put/call option at the end of 3 years. The coupon, payable semi-annually, will be the difference between 13.40 percent and the National Stock Exchange's Mibor rate, a benchmark for call money. Based on this structure, the semi annualised rate works out to 7.65 percent. The second option has a 7-year maturity and a put/call option at the end of 5 years.
查看更多>>摘要：The Bonneville Power Administration, or BPA, has scheduled public meetings for Aug. 20 in Seattle, Washington to discuss options for avoiding or reducing impending power rate increases. A rate increase could spell further problems for aluminium smelters in the U.S. Pacific Northwest region, where around 1.6 million tons of production capacity was taken off-line in the last two years due to higher power and weak aluminium prices. Some of this capacity still lies off-line, with various load reduction agreements having ended and companies having considered restarting production under a "take or pay" deal. Under the terms of a "take or pay" deal, smelters can opt to either use the power contracted to them by the BPA to restart capacity, or allow the BPA to sell the power back to the spot market and pay for the difference between the contract price and the spot price achieved. Three-month metal is currently languishing around the 1,300/ton dollars level on the LME.
查看更多>>摘要：Industry shipments of aluminium increased 1.8 percent in June to 1.8 percent from June 2001, to an estimated total of 1.838 billion, The Aluminium Association said. Shipments to domestic markets, including imports increased 1.4 percent, totaling an estimated 1.627 billion pounds. Shipments of aluminium mill products rose 0.6 percent over last year to 1.336 million pounds.
查看更多>>摘要：Russian metals giant Norilsk Nickel said that net sales fell 43 percent to 1.1 billion dollars in the first half of the year, according to the company's non-consolidated accounts under Russian accounting standards. The data concerns major producing unit, MMC Norilsk Nickel, accounting for around 80 percent of the group's revenues, but does not include results of Norilsk's units on the Kola Peninsula or London-based trading company Norimet. The decline in revenues was caused by weak world prices for nickel, copper and platinum group metals. During this time, Norilsk built its nickel stockpiles and then started selling the metal once prices strengthened, the company said. In the first half of the year, nickel exports were up 28 percent on the year to 108,700 metric tons. Another 60,000 tons was shipped abroad in collateral for a 200-million dollars 3-year loan, organized by CSFB.
NSTL