查看更多>>摘要：Readers of this report will appreciate that ours is one of the very few reports in the world that has maintained an optimistic outlook for base metals for quite some time now, especially for copper. It was indeed a brave thing to do as US equity markets were plunging and gold prices were rallying, both indicating further economic distress, not to mention the bearish sentiment in the market. Our contention has been that any further erosion in base metals prices would seriously impair the supply side of the equation and also a moderately weakening US dollar may support the base metals prices. US dollar is expected to weaken in the next 3 months and that may further support the base metals prices in the medium term. However, one has to keep in mind that the underlying theme of US economic recovery by end of this year, signs of which will only start appearing in the middle of third quarter, has to remain intact.
查看更多>>摘要：Aluminum at the London Metal Exchange ended the late kerb higher, buoyed by a 1,275-ton stock draw and bullish consumer confidence data from the U.S. The release of the LME inventory levels triggered trade buying of aluminum in the pre-market, which in turn helped bolster the upward momentum initiated by the funds in early trade. Resistance at 1,401 dollars a metric ton was tested for the third consecutive day, and eventually a fresh four-week high at 1,403 dollars/ton was posted, but steady forward selling pared the gains by the afternoon session.The release of the University of Michigan's full-month report on consumer sentiment also helped bolster the mood in the market and prevented further falls. Their report was said to show its index for May rising to 96.9, from the 96.0 reading in its preliminary report at mid-month, according to people in the market who have seen the report.
查看更多>>摘要：The Aluminium Association of India, the primary body representing all manufacturing segments of the domestic aluminium industry, has asked all primary aluminium producers to fix domestic metal price linked to London Metal Exchange (LME). An LME-linked pricing mechanism is urgently required to protect the interests of secondary manufacturers in particular and the aluminium industry in general, the association said.The higher domestic metal price has been cited as the primary reason for substitution of various applications by competitive material like stainless steel and plastics. The association has suggested that domestic primary metal producers should introduce a uniform price based on average three months LME price, plus 75 dollars to 80 dollars premium, plus five per cent towards part of the export benefits available to the primary producers. The prices could change on a quarterly basis.
查看更多>>摘要：The London Metal Exchange three-month aluminium contract hit a five-week high at 1,400 US dollars a metric ton, mostly on speculative buying from the Chinese and funds, traders in Asia said. "(The) 1,400 dollars/ton will be firm resistance as well, as many Chinese producers programmed their hedge-selling at this level," an LME broker in Singapore said.
查看更多>>摘要：Domestic copper output in April, the first month of the fiscal year, rose 22 percent to 26,903 metric tons from 22,135 tons in the previous year, according to a government statement. However, copper output was 3 percent below the government's target of 27,685 tons, the release said.Production at Indo Gulf Corp. Ltd. and state-owned Hindustan Copper Ltd. was above company targets. But output at Sterlite Industries Ltd. was below target.
查看更多>>摘要：Finolex Cables has shown a 1 percent rise in its sales at Rs 1.74 billion for the quarter ended March 2002. On receipt of the order of High Court of Judicature at Mumbai dated 21 March 2002, the company has amalgamated its 100 percent subsidiary Finolex Technologies with itself from April 2001. Thus the figures for the quarter and the full year are not strictly comparable Operating margins (OPM) improved from 10.6 percent to 11.8 percent. The improvement in OPM is largely due to reduced coast overheads as a percent to sales (net of stock). Other expenditure rose by a hefty 33 percent to Rs 221.7 million and as a percent to sales (net of stock), it rose from 10 percent to 12 percent. Because of which, operating profit rose by 12 percent to Rs 207.9 million. Other income rose by 6 percent to Rs 66.2 million and interest cost was higher by 8 percent to Rs 33.2 million. Thus, PBDT rose by 11 percent to Rs 240.9 million.
查看更多>>摘要：Anglo-Australian miner BHP Billiton Ltd.'s plan to cut its copper production by another 80,000 metric tons this year was a surprise to the market and could drive copper prices higher. "We didn't expect it, as the market (in terms of demand) looks like it has improved," said analyst Shen Haihua of Southwest Securities in Shanghai, putting next resistance at 1,650 US dollars a metric ton for the London Metal Exchange three-month copper contract. "The BHP news can help copper to see quite a good gain," commodity strategist David Thurtell of Sydney-based Commonwealth Bank of Australia said. BHP Billiton's output cut brings the total copper production cut to 250,000 tons, including the 170,000 tons it announced in November. "BHP's additional cut will help the market to move into a balance faster," analyst Shen said. Given current supply tightness in the world concentrate market, any major concentrate output cuts may prompt refined output cuts, industry participants in Asia said.
查看更多>>摘要：A full recovery to copper demand will not be evident until at least the fourth quarter of 2002, with brisk growth saved for 2003 and beyond, according to James Steel, assistant vice president and director of New York research at Refco Inc. "The world economy needs a rebound in private fixed investment and trade flows outside of the U.S.," Steel said. "There have been some signs of Japanese recovery, while the European recovery that was much hyped at the start of the year has not been as fast as expected, and still looks sluggish until the second half of 2002."
查看更多>>摘要：Japan's domestic sales of copper cable and wire products in April are estimated to have fallen 3 percent on year to 66,900 metric tons, but the fall was smaller compared with previous months, the Japanese Electric Wire & Cable Makers Association said in its May report.In the first three months of this year, Japan's domestic sales of copper cable and wire products fell by at least 10 percent on year each month. For all of 2001, the sales declined 8.5 percent on year to 814,427 tons, according to the association. In April, however, a pickup in domestic sales was notable in the telecom and electrical power sectors, where sales moved into positive territory, the association said. All April figures are preliminary.
查看更多>>摘要：China's imports of copper concentrates this year will likely be around 2.25 million metric tons, unchanged from last year, as current world supply tightness will prevent imports from rising, an official from state-owned China Minmetals nonferrous Metals Co. said.Minmetals is the biggest metals trading company in China. China is the world's second largest copper consumer. "We don't expect this year's concentrate imports to decline from 2.25 million tons last year, but there won't be an increase either because of the supply tightness," the official said. Import data from the General Administration of Customs supports the official's forecast. In the first four months of this year, China's imports of copper concentrates rose only 1 percent on year to 618,623 tons. Supply in the world concentrate market has tightened following production cuts implemented by major copper mines around the world. In January-February, world mine production fell 3 percent on year to 2.12 million tons following the output cuts, according to the International Copper Study Group.
NSTL