查看更多>>摘要：The base metals saw a disappointing end to the week after what had looked like a promising start to the session. Nickel fell from its 19-month high of 7,765 dollars a metric ton while copper managed to halt its downside but looks vulnerable to renewed fund long liquidation in the near-term. Sentiment as dented by a weaker than expected University of Michigan consumer sentiment index, which dropped to 86.5 in July, compared with an anticipated 91.0 - its lowest level since November 2001. Players said end of week short-covering restricted the losses, however. Closing the kerb at 7,700 dollars /ton, dealers said three-month nickel is underpinned by further fund buying and short-covering, with chart-based buying and tightness emerging for September dates. Three-month metal was quoted as trading in a backwardation of 7 dollars /ton by the end of the session. Copper rallied away from the intraday's low of 1,627.50 dollars /ton, with the market assisted by end of week short-covering. Yet with the market long, players said ongoing speculative liquidation is expected to continue to hamper upside advances, especially amid weak stock markets and concerns about the pace of global economic recovery.
查看更多>>摘要：India's leading aluminium producer Hindalco Industries of the Aditya Birla Group bought around 74 lakh shares, or 1.15 per cent of the equity capital of state-run National Aluminium Company (Nalco). The purchase was made through a block-deal on The Stock Exchange, Mumbai (BSE) from a US-based foreign institutional investor (FII) at a price of Rs 105 per share. The entire deal totalled to around Rs 770 million. Hindalco already had a 3 per cent stake in Nalco. Hindalco purchased the shares in Nalco from a US-based pension fund, College Retirement Equities Rind (CREF), in a deal reportedly brokered by ASK Raymond James, according to market sources. On the day of the purchase, Nalco shares on BSE closed up Rs 8.80 or 9.07 per cent at Rs 105.75, but off the day's high of Rs 109.45. The stock attracted a huge volume of 86.13 lakh shares. On Monday, Nalco clocked a volume of 95,700 shares on BSE.
查看更多>>摘要：Indian Aluminium Co Ltd (Indal) has drawn up plans to invest Rs 2.3 million to expand the capacity of its Hirakud smelter in Orissa from the present 30,000 tons per annum (tpa) to 57,000tpa. Revealing this at the 64th annual general meeting of the AV Birla group company, Indal's President & chief executive officer (CEO) SK Tamotia said that the expansion work will start soon and would be completed by March 31, 2003. The finances for the expansion would come from internal sources. Technology inputs to improve cast coil roll-ability at the Hirakud continuous caster has already been implemented.
查看更多>>摘要：Meanwhile, shareholders expressed fears Birla could be planning a merger of Indal with Hindalco. Explaining their fears, the shareholders pointed at the fact that Indal Chairman, Mr Kumar Mangalam Birla, not attending the company's AGMs since the controlling stake of the company was bought in 1999-2002. Hindalco today controls 74.62 per cent equity in Indal. With the exception of this point, the 64th AGM of the company was a tame affair. Though A.K. Agarwala, who presided over the meeting in the absence of Mr Birla, allowed minority shareholders to speak freely, he took only a few minutes to wrap up the proceedings without answering any "specific" questions of the shareholders. In fact, Mr Agarwala asked the company's President and CEO, Dr S.K.Tamotia, to respond to some of the questions raised by shareholders.
查看更多>>摘要：Ten percent of the world's aluminium supply could come from southern Africa later this decade if mooted new projects complement current output expansions, an industry spokesman said. Mohamed Seedat, president of BHP-Billiton's southern African aluminium operations, said this surge in output will also attract suppliers of goods and services to aluminium smelters to the region. Currently, Mozambique and South Africa account for around 4 percent of the world's 20 million metric tons of annual aluminium output, but their slice of global production should grow to around 6 percent in 2004 when two expansion programmes are completed.
查看更多>>摘要：South Korea's imports of aluminium ingots in the first five months rose 16 percent from the same period last year, fueled by increased demand from the extrusion industry, Korea Nonferrous Metal Association said. From January to May, South Korea imported 318,621 metric tons of aluminium ingots, the association said. The extrusion industry was boosted by more construction and government spending projects to boost the economy. The association maintained its projection that imports will rise 5.8 percent this year to 917,000 tons.
查看更多>>摘要：Japan's spot premiums in the week stood at 50 US dollars-55 US dollars /ton, CIF to main Japanese ports. Traders cited various factors behind the decline at the end of June. Some noted delayed shipments, while others said Japanese trading companies now prefer to keep minimum stocks to keep operational costs low. But all expect a stock rebound in either July or August, as they expect more shipments to arrive after being delayed. According to Marubeni Corp., the end-June stocks totaled 188,200 tons, the lowest at least since 1993. The company's data before that year are not available, Marubeni said.
查看更多>>摘要：International metal trading major Metdist is setting up a wholly owned company Metmin Exploration in India. The company will be engaged in exploration, development and processing of base and other precious metals including smelting and refining, production of downstream products and associated industrial activities. MEPL will be a 100 percent foreign equity held company with the equity inducted from Metdist, UK, owned by Lord Raj Bagri, chairman of London Metal Exchange, along with its holding companies, subsidiaries and foreign affiliates. The initial investment would be of Rs 250 million over a period of five years. Metdist already has financial collaboration with Metdist Industries Ltd, Metmin Finance & Holding Pvt Ltd and with Phelps Dodge- Metdist Mining India Pvt Ltd, a joint venture it has with the international copper giant Philips Dodge. Currently, Metmin Finance & Holdings Pvt Ltd is engaged in exploration for base metals in India and according to the plan now this activity will be transferred to the new entity MEPL. The proposal has been given a go ahead by the board resolution of the company and no objection certificates have also been obtained by the three existing fi-nancial collaborators.
查看更多>>摘要：Indo Gulf Corporation, of the Aditya Birla Group, has posted a 35 per cent rise in net profit at Rs 682.3 million for the first quarter ended June 30 compared with Rs 504.7 million in the same period of last year. The company's turnover grew by 23 per cent at Rs 7.14 billion (Rs 5.81 billion). Exports were up 237 per cent at Rs 1.33 billion, thanks to a big leap from 5,076 MT to 16,754 MT. Its debt restructuring has led to lower interest charges by 17 per cent during the quarter, resulting in a saving of Rs 50 million. Thus, lowering of import duty from 35 per cent to 25 per cent on copper has had little adverse impact on Indo Gulf performance and so has the slack LME prices. The company has carved out a niche for itself in the export markets of South East Asia and the Middle East. The company's overall performance largely hinges on the performance of the copper business as it contributes more than 80 per cent to the total turnover. As a result, net sales was up 22.9 per cent to Rs 7.65 billion despite a 19.1 per cent fall in fertiliser turnover to Rs 1.02 billion. Fertiliser business continues to suffer as its performance is influenced by the government policies. The government's capping of production and lowering of retention price have made things difficult for the industry.
查看更多>>摘要：LG Cable Ltd., a leading copper consumer in South Korea, has agreed to buy 4,900 metric tons of standard copper in a tender from three sources, a company official said. Premiums quoted over the London Metal Exchange cash price are in a range of 19 US dollars -21 US dollars a ton, cost, insurance and freight to Pusan, the official said. The premiums are in line with those in LG Cable's previous purchases in May. The latest purchases will be for consumption in September and October, according to the official.
NSTL