查看更多>>摘要：Readers of our report would appreciate that our last week's report was spot on in predicting firmer base metals prices. Copper in particular was spectacular in its clearance of the key resistance of 1,600 dollars on three-month basis. The next important support is at 1,620 dollars although temporary loss of this level may not alarm the bulls, unless we see a weekly close below 1,620 dollars in the near future. In case of aluminium we must admit that this report in the past has been apprehensive about aluminium trading above 1,400 dollars in the last quarter - looks like we might have been a bit too cautious. However, aluminium may take its cue from copper for further price moves in the remainder of 2002. Zinc has performed very well fending off selling pressure from the trade. While fundamentals remain weak, strength in the base metals complex is likely to support prices at current 750-800 dollars range. Nickel bas held very well above 7,000 dollars and a weekly close above 7,500 dollars may usher fresh gains. This week expect further attempts by the base metals complex to clear key resistance. The 1,640 dollars on three month-basis is the next important level for copper and clearance of that level is likely to take the prices towards 1,675-1700 dollars band. In the case of aluminium, 1,425 dollars is the next key level and 810 dollars for zinc. It appears that copper is set for further gains with stiff resistance at 1,640 dollars and aluminium may test 1,425 dollars. Nickel is likely to find good buying support between 7,300-7500 dollars band.
查看更多>>摘要：Zinc at the London Metal Exchange LME managed to hold onto the sharp gains made over the last few days and ended slightly higher on Friday, 22nd November The three-month contract made an early test of Thursday's high at 801.50 dollars/ton in the pre-market but profit taking again emerged at this level and prices drifted lower for the remainder of the session. Support at 792 dollars/ton dampened the downside move and a number of dealers said they felt a move up to the next resistance level at and 810 dollars/ton is on the cards. The possibility of cutbacks at Glencore's Portovesme zinc plant in Sardinia, along with the potential that Canadian zinc miner Breakwater Resources Ltd. will not be able to pay its debt payment due Jan. 2, 2003, has been attributed to the heavy buying interest over the last few days. The rest of the complex also gave back some of Thursday's gains.
查看更多>>摘要：Bauxite deposits in India have suddenly caught the imagination of global aluminium majors. With Chinese aluminium major Chinalco along with two other companies announcing their plans to invest 17.5 billion rupees in setting up an alumina project and captive power plant, the race has indeed intensified The plant is supposed to be a joint venture with Kutch Alumina Power & Coke. Experts say that China is a cost effective base for manufacturing aluminium because power prices are low and power consists of 40 per cent of cost of metal. Now that 100 per cent foreign direct investment (FDI) is permitted in the metallurgical sector, the entry of Chinese manufacturers into India could change domestic market equations. Incidentally, the Chinese government has marked aluminium as a priority area and is also making aggressive investments, armed with a strong domestic demand and a per capita consumption of 2.7 kg. Commercially, if Chinese companies manufacture aluminium in India, it would mean further squeezing of margins in a market place where players are already cutting down on capacity utilisation, experts say.
查看更多>>摘要：SUZUKI Motor Corporation (SMC) and Maruti Udyog Ltd (MUL) will have to export 50 per cent of the output from their proposed joint venture aluminium foundry project, as per the directions of the Development Commissioner for Small-Scale Industries (DCSSI). This is because the foundry will be manufacturing items that are otherwise reserved for the SSI sector. Suzuki, in the last week of September, had applied to the Foreign Investment Promotion Board (FIPB) seeking permission to manufacture aluminium castings by way of setting up a joint venture company with Maruti. As per the plans, the joint venture company will have an authorised capital of 300 million rupees and a paid-up capital of 250 million rupees in which Suzuki will hold 51 per cent of the equity capital while Maruti will hold 49 per cent. The company, in its application filed with the Government, had conveyed that it would undertake the manufacturing of aluminium castings for various applications in India, including those required for the manufacture of two-wheelers.
查看更多>>摘要：Chinese aluminium industry with its increasing output is threatening the recovery in the world market made possible by a recovery in the US markets and the Federal Reserve's step to initiate interest rate cuts. The American recovery, slight though in quantum, has led to a marginal decrease in the level of aluminium stocks. According to the International Aluminium Institute (IAI), worldwide aluminium inventories totalled 2.8 mt at the end of September, compared to the 2.8 mt a year earlier and 3.1 mt at the end of September '01. China is increasingly being viewed as a major producer, with expansions there already overtaking targets and capacity seen reaching close to the 5 mt this year. This is slightly more than the primary aluminium capacity of the world's largest, Alcoa at 4.5 mt.
NSTL