查看更多>>摘要：Aluminium at the LME slumped to a three-month low last week following another concerted bout of long liquidation initiated by the funds. The selling sent the three-month contract through support at 1,420 dollars a metric ton, but it was not until 1,415 dollars/ton, where a number of sell-stops were triggered, that he downward momentum picked up pace. The next support level at 1,400 dollars/ton halted the decline briefly, but falls on the copper market added further pressure and the aluminium eventually fell down to 1,395 dollars/ton for the close. Robin Bhar, metals analysts at Standard Bank in London, said further losses down to 1,380 dollars/ton support look likely to emerge this week, but he felt confident that this recent downward shift was part of a correction rather than a shift in sentiment.Others feel that although the upside bias has not been erased, the fund will be looking for further positive economic data from the U.S. before buying into the market again.
查看更多>>摘要：Aluminium and copper prices have rallied strongly over recent weeks, reflecting the covering of short positions and the building of long positions by funds ken to secure the potential leverage to an economic upswing that base metals typically enjoy. However, the underlying fundamentals of both the aluminium and copper markets remain weak. The slump in consumption endured through last year now seems to have abated, but there are few signs of an increase in demand, in what is usually a seasonally strong period of the year for consumption.Consumer buying interest in the recent price rally has been limited, with premiums for physical delivery of both metals continuing at depressed levels. Meanwhile, the markets remain in surplus, reflected in ongoing increases in exchange inventories. LME copper stocks have increased to a record 919,000t, up 120,000t since the start of the year, while LME aluminium inventories have risen to 954,000t, up 135,000t sine December. That prices and inventories are increasing at the same time is not unusual-most cyclical upswings begin with both rising in tandem. Nevertheless, the pace of both price and stock increase over recent weeks has not been seen since 1994. While there is little doubt that economic growth will recover from the trough seen late last year, our concern remains that the pace of growth will ultimately disappoint. This could in turn encourage the unwinding of fund long positions and put renewed downward pressure on prices.
查看更多>>摘要：The power cable and construction sectors in China, the world's second largest copper consumer, will play a significant role in boosting domestic copper consumption, the International Copper Association, said. The cable and construction sectors are China's biggest consumers of copper cathodes. The power cable industry accounts for 50 percent of China's total copper consumption, and the construction sector 15 percent, the ICA said. "The power cable industry's copper consumption is estimated to have an average growth rate of 6 percent a year in the next five years," according to Joyce Zhou, ICA's China director.In 2001, consumption in that sector rose 8 percent on year to 1.3 million tons, Zhou said. China's total domestic copper demand totaled more than 2 million metric tons last year.
查看更多>>摘要：Jindal Aluminium, the largest producer of aluminium extrusions in India, has tied up with a producer in Sri Lanka to import aluminium extrusions into the country. Imports, which are now around 300 tons per month may go up to 10,000 tons per month, almost meeting the great part of the Indian demand. Jindal Aluminium was one of the producers who protested against the high incidence of customs duty on Indian aluminium imports and also on the same level of duty on both metal and finished products. The 2002-03 budget to some extent has gone to meet the criticism of Jindal Aluminium as it has lowered the import duty on aluminium to 15 percent and retained the import duty on aluminium products at 25 percent giving some margin for the downstream users of aluminium metal. But it has kept the customs duty on aluminium scrap at 15 percent thus denying a cheaper source of metal to downstream processors.
查看更多>>摘要：Hindustan Zinc Limited on March 20 received 2 offers for purchase of its 26 percent equity. The prospective buyers were Sterlite Industries Ltd and Indo Gulf Corp. Most of the foreign buyers reportedly withdrew at the last minute as the import duty on zinc was lowered in the latest budget from 35 percent to 25 percent which would affect the margins of the company.The two offers according to official sources have been very good and Sterlite appears to be the winner as its offer is said to be the best. The truth will be known on 28~(th) March when the cabinet committee on disinvestments will meet to take a final decision.
查看更多>>摘要：Gold could turn as a more reliable investment instrument and it could spur the jewellery segment in a big way, a World Gold Council (WGC) official has said. "The value of gold is determined by fundamental economic factors that are outside the control of any Government. By contrast, the value of the paper currency is entirely dependent on the monetary policies of the Central bank that issues it, which is why the market never trust currencies to the same extent as they trust gold," Ms Hiroo Mirchandani, Marketing Director, WGC, told Business Line. The unpredictable fluctuation in the prices of equities would also make gold an important investment instrument, she said.
查看更多>>摘要：The recent announcements by two zinc miners that they were aiming to restart production at certain facilities demonstrates "just how sick and hopeless this industry is from a fundamental standpoint," according to a source at a major North American producer. Late last week, Finnish metals group Outokumpu approved an improvement programme to secure the profitable operation and increased value of its Tara zinc mine in Ireland. The implementation of the program at he facility will start immediately, and the firm said a final decision on re-opening the mine, which had an annual production of nearly 200,000 metric tons of zinc concentrates, would be made in May. Also late last week, Canadian/Swedish base metals producer Boliden said it would reopen its Myra Falls ZINC MINE IN British Columbia. Myra Falls produced 57,892 metric tons of zinc metal in 2001.
查看更多>>摘要：The Indian diamond merchants have requested the Chattisgarh government to supply rough diamonds directly to the Indian cutting and polishing industry. The rough diamonds from Orissa and Chattisgarh mines are currently being supplied to De Beers, the world's largest diamond merchant from South Africa, as per the existing supply agreement between the two sides. Rough diamonds from Orissa and Chattisgarh regions are comparable to the best rough diamonds available from the South African mines.According to Pravinbhai Nanavati, president, Surat Diamond Merchant's Association, the Orissa government has an agreement with De Beers or a certain period for the supply of rough diamonds. The same rough diamonds come back to the Indian merchants through Antwerp market in Belgium. A substantial portion of these Orissa diamond mines is now with the Chattisgadh, which has been carved out in the recent times. Following the Orissa government's agreement with De Beers, Chattisgarh also supplies rough diamonds to De Beers. Once this agreement for the supply of rough diamonds expires, Indian diamond cutting and polishing industry would wish that the Chattisgarh government offer rough diamonds to Indian diamond cutting and polishing industry.
查看更多>>摘要：Instead, he suggested that banks and other institutions, currently importing gold, could come together to set up a 'gold market development agency' as a voluntary self-regulatory organisation with participation from gold trade and Bureau of Indian Standard to ensure efficiency of the market and purity of the products. He proposed setting up an exchange for trading in gold a part of the efforts to develop the precious metal's market in the country and integrate it with the financial market.
NSTL