查看更多>>摘要：With optimism about the US economy growing there is sometimes a tendency for the base metals markets to move in tandem rather than reflecting the individual Fundamentals. Price movements in the last week reasonably coincide with the current view of the fundamentals. Aluminium and tin prices fell, zinc was unchanged while the rest of the sector rose. The zinc price would have fallen had it not been for an announcement of a 55,000 ton production cut at Teck Cominco. The improvement in the price of some of the metals, particularly copper, has come about despite noticeable rises in LME inventories. Copper's rally is likely to begin stalling on the back of the rising supply and weak demand picture. The focus of the zinc market will now shift to the American Zinc Association meeting in Scottsdale Arizona. Traditionally the annual TC negotiations begin in earnest here, and are sometimes settled at the meeting. With spot TCs firmly in the miners' favour, it could be sometime before smelters agree to settle at a TC, which is likely to be below 170 dollars/ton. Further cuts in smelter production now appear likely.
查看更多>>摘要：When the stock market is down in the dumps and when Nalco is about to reap the benefits of expansion, the Government seems to be intent on selling its own stake come what may. The Government has decided to appoint some merchant bankers to advise it on an ADR/GDRs for overseas and domestic sale of its 30 percent equity. These are likely to be chosen before March 2002. After the ADR/GDR issue, the government will issue expression of interest for sale of 26 percent equity to a strategic buyer and complete the privatization of a company which is one of the finest in the world in terms of profitability in aluminium industry Nalco's cost of production of Alumina is said to be 113 dollars per ton and of aluminum metal 905 dollars per ton. This is likely to be reduced further after the smelter and power plant expansion is complete which will be complete in 2002 itself. Further the downstream processing will be improved when the International Aluminum Products Company which is merged with Nalco starts operating soon with its 50,000 tons capacity.
查看更多>>摘要：Aditya Birla Group company Indal will pay 250 million rupees (6 million dollars) to Norwegian major Norsk Hydro for the additional 35 per cent stake in the 43 billion rupees Utkal Alumina. Hydro had last month announced its decision to exit the alumina project after expressing regret at lack of progress in Orissa. Hydro already has alumina production facilities in Jamaica and Brazil. Of Hydro's 45 per cent stake, 35 per cent will go to Indal and the remaining 10 per cent will go to the third partner Alcan. With this, Indal's stake will go up to a controlling 55 per cent, while Alcan's will go up to 45, after its accepts Hydro's remaining 10 per cent.
查看更多>>摘要：While the bulls must have been slightly disappointed on gold's failure to attain a weekly close above key 302 dollars/oz, the upward trend is still very much intact. Japanese investors continue to show interest in gold, and unless something dramatic props out of Bush-Koizumi meeting early this week, the present trend is likely to continue. Having said that, the Japanese investors may switch to profit taking if the Yen depreciates to 138 Yen/dollars levels and at the same time they may become nervous stop loss sellers if Yen appreciates beyond 129 yen per dollars. While Japanese gold buying is not the main factor driving the gold price1 it is nevertheless an important event that gives a loud warning about the state of Japanese economy and its potential downside risks with global implications. While we remain positive on gold, further consolidation may be on the cards towards early 290s dollars/oz, however we expect strong buying to emerge around those levels with subsequent test of 307 dollars/oz and 313 dollars/oz on the upside.
查看更多>>摘要：Nalco is likely to ship about 1700 to 1800 tons of aluminum from Paradip port by end of Feb 2002. So far Nalco has been exporting its metal from Calcutta and Vizag. The material will be shipped by containers as containers are now available at Paradip and they can also be stuffed at Paradip as facilities have been provided for the same.
查看更多>>摘要：Refined copper consumption in China will outstrip domestic production to such a degree that by 2005 around 1.4m tpy of cathode will need to be imported to satisfy the demand, according to Simon Hunt, co-chairman of China Copper Industry Services (CCIS). He said that China will bear witness to "probably the greatest development story the world has ever seen", and growth in every aspect of China's economy will support the global copper industry.
查看更多>>摘要：Nalco produced 20,857 tons of metal in Jan 2002 against a target of 19,500 tons. April to Jan 2002 production was 194,383 tons against a target of 192,600 tons. Bauxite production was 360,018 tons in Jan 2002 against a a target of 310,000 and total until Jan 2002 was 2.69 million tons against a target of 2.8 mt.
查看更多>>摘要：Any decision made by BHP Billiton to restart idled copper capacity will not be just a function of the market price, the company's deputy ceo said today. Brian Gilbertson told journalists in London that broader market factors would come into consideration. "It's not just about the copper price. You have to look at industry stocks and consider what's happening in key market areas and in the major economies around the world."
查看更多>>摘要：Teck Cominco of Canada said that the company will reduce planned zinc metal production by 55,000 tons, or 15 percent of its production capacity, in 2002 in response to an overhang of zinc stocks in the market. The company will close its Cajamarquilla zinc refinery in Peru (82 percent owned by Teck Cominco and 17 percent owned by Marubeni Corp) for three months, from June to August, reducing production by 30,000 tons. The Trail zinc refinery in Canada will close during August, reducing zinc production by 25,000 tons.
NSTL