查看更多>>摘要：Tumbling global stock markets triggered renewed long liquidation at the London Metal Exchange, sending the three-month copper contract to a two-month low at 1,584 dollars a metric ton. The slide started in morning trade after a weak close for the Dow Jones. Industrial Average and follow-through falls for the Asian stock markets, with downward momentum picking up pace as key support levels at 1,610 dollars and 1,600 dollars/ton were broken.
查看更多>>摘要：As suggested by this report last week, copper tested 1600 dollars/ton and broke through this key psychological level without any sweat. Copper looks set to test 1580 dollars once again and the omens are that the support should hold and push prices above 1600 dollars after a short period of consolidation. However, there are sell stops just under 1580 dollars ad large shorts in the market may attempt to trigger them this week. Aluminium has been relatively resilient so far, holding just above 1350 dollars, however, the technical picture for aluminium looks worrying and loss of 1350 dollars can quickly propel three-months prices toward 1320s dollars.
查看更多>>摘要：The Aditya Birla Group will soon separate the copper business of Indo Gulf Corporation and merge it with Hindalco Industries, creating India's largest non-ferrous metals producer with a turnover topping Rs 60 billion. The move will bring the company's metal capacity to close to 400,000 tons of copper and aluminium, which will rise to 600,000 tons in about two-years time, once all the expansions are complete. The merger of the two non-ferrous groups will also help the AV Birla Group to mount an aggressive bid for Nalco, Asia's biggest alumina maker, whose acquisition is likely to cost in the region of Rs 50-70 billion.
查看更多>>摘要：The Bharat Aluminium Company (Balco) has planned to treble its capacity to 334,000 tons from the present 100,000 tons a year, by 2005. The unlisted company, India's third-largest aluminium maker, makes about 15 per cent of the country's aluminium. It is also increasing its alumina capacity to 830,000 tons from 180,000 tons, both at an estimated cost of Rs 50 billion. The management is preparing a detailed feasibility report and looking for some funding institutions, according to an official of Sterlite Industries, which acquired 51 per cent of Balco from the government in early 2001. While the study is likely to be completed in the next three to six months, it would take another 30 months for the Korba-based company to complete the project. Balco also plans to raise capacity at its own power unit to 810 MW from 270 MW.
查看更多>>摘要：Alcoa Inc., battling weak pricing and a sluggish economy, sees only a modest sequential improvement in third-quarter earnings. "Given the economic trends, it would be difficult to expect more than a modest increase in third-quarter (earnings per share) profitability," Chief Financial Officer Richard Kelson said at an analyst conference in New York. Earlier this month, Alcoa reported a 14 percent drop in second-quarter earnings, amid a decrease in prices for its products. On a positive note, shipments rose in the quarter, which prompted management to offer a cautiously optimistic forecast for the remainder of the year. Alcoa said profitability in the second half could improve if economic trends solidify. During its presentation, for alumina and chemicals, CFO Kelson said prices are expected to remain flat.
查看更多>>摘要：Lord Raj Bagri's, UK-based metal trading company Metdist and the Finolex group have opted out from the disinvestment race to acquire 98.95 percent government stake in the country's premier copper maker Hindustan Copper. With the two majors backing out it is only the Aditya Birla group's Birla Copper and Sterlite, which bought Hindustan Zinc, who are left in the race. Metdist, which has a 100 percent subsidiary Metdist Industries in India, was expected to bid jointly with the US metals major, Phelps Dodge.
查看更多>>摘要：The Indian counterpart of International Copper Association, the International Copper Promotion Council (India), ICPCI, is reported to be working with the Delhi Vidyut Board (DVB) to change the policy on buying electrical equipment and distribution transformers. The aim is to promote a "total owning cost" (TOC)-based purchase policy for distribution transformers. TOC indicates initial cost plus the cost of future losses during operations over the life of transformers.
查看更多>>摘要：Japanese giant, Sumitomo Corporation, has entered into the race to buy SWIL Ltd, a company, with 50,000 tpa capacity to produce refined copper, put on sale under a restructuring package worked out by its creditors. The UK-based Metdist is the other foreign company which has shown interest in buying the company. The domestic companies that have shown interest in the company are Indo Gulf Ltd of the A.V. Birla group, Sterlite Industries of the Agarwals and Finolex Industries Ltd of Mr P.P. Chabbria. The Birlas reportedly have already completed the due diligence and Metdist is expected to complete it by this week. They said about 65-70 per cent of the equity capital of the company is up for sale. ICICI Bank and IDBI hold about 15 per cent stake each in SWIL.
查看更多>>摘要：On the outlook for copper, WMC aid with announced global production cuts of around 700,000 tons a year, analysts forecast supply and demand to be close to balance in 2002. The miner added that Olympic Dam is also continuing to see strong demand from customers in Australia and Asia. Turning to its nickel operations, WMC said output for the quarter rose across the board, following the recommissioning of the Kalgoorlie nickel smelter in Western Australia. Production at the smelter, which operated at 95 percent of the normal throughput rates for the quarter, was affected in the March quarter after a fire broke out in late February. WMC said the smelter operated at an equivalent annual rate of 100,000 tons during the quarter.
查看更多>>摘要：The Gujarat Mineral Development Corporation's proposal to directly sell power to Hindustan Zinc in Rajasthan has been shot down by the Gujarat government. This was the first proposal by an independent power project to directly sell power to a bulk consumer. However, the state has proposed that instead of direct sale of power, it may consider giving distribution rights to IPPs like GMDC in the same region, where their power plants are located. Due to a financial crunch faced by the Gujarat Electricity Board, most IPPs operating in the state have been scouting for alternative consumers to sell power.
NSTL