Aluminium business likely to face headwinds with LME prices correcting, and cost of production increasing due to the higher coal cost for the September 22 quarter.
A group of Chinese companies are investigating why a commodities storage site in northern China is holding only one third of the copper concentrate they were financing, according to people familiar with the situation.
Analysts attributed the rise in copper prices to the raising of bets by participants
"Kutch Copper Ltd (KCL), a subsidiary of Adani Enterprises Ltd (AEL), is setting up a greenfield copper refinery project for production of refined copper with 1 million tonnes per annum in two phases," the company said in a statement.
LME Copper prices hit record highs at $10,845/tonne in early March 2022 but are now down more than 21 percent to $8,595/tonne
Commodity prices showed signs of settling down as copper, a metal which has applications across industries and construction activities, saw its sharpest weekly fall since the pandemic-induced jolt to economic activity in March 2020. The commercial metal slid three percent in Shanghai and seven percent for the week.
The Federation of Copper Workers (FTC), an umbrella group of Codelco's unions, said 50,000 workers were expected to strike, including staff and contractors after the Ventanas smelter was shuttered despite calls for investment to keep it open.
Going ahead, the company may feel pressure on margins, given the higher coal cost
The macro as well as the technical picture suggest that a breakdown in copper prices is likely in the coming months, which implies a worsening of financial conditions globally
Straddling the border of Zambia and the Democratic Republic of Congo, a vast forested area roughly the size of Portugal contains one of the world’s richest caches of minerals: copper for wires and cables, and cobalt for rechargeable batteries.
Commodities market observes weekly losses in crude oil, natural gas, gold and copper. Watch Manisha Gupta and Karunya Rao discuss the implication of these weekly losses and what is next to come.
The prices of several commodities have slipped on March 14 as diplomatic efforts were made to end the crisis.
Investors in metals need to keep a close watch on Chinese policy, post Olympics
In FY23, Hindalco is likely to focus on growth capex on the back of an increased free cash flow
Apart from speculation, there are underlying fundamentals that support a rise in iron ore prices
With the Tuticorin region expected to continue to receive heavy rainfall, the need for carrying out maintenance work for the plant’s assets and structure becomes critical, the company stresses.
Hindalco is likely to be the beneficiary of higher aluminium and alumina prices, a higher proportion of value-added copper sales, and a stable earnings and cash flow from Novelis operations
Karmakar said given the strong demand emanating from various sectors, copper imports may increase by 30 percent year-on-year between July and March.
The firm will open a new office in Singapore to help lead the push around the region to deal with clients in Vietnam, Malaysia and Thailand, among others, it said.
According to Angel Commodities, On the MCX, Copper prices are expected to trade lower today.
The momentum indicator Relative Strength Index (RSI) is at 31.14, which indicates a bearish movement in prices.
The production level of important minerals in April 2021 includes, coal 516 lakh tonnes, lignite 31 lakh tonnes, natural gas (utilised) 2,583 million cubic metre, petroleum (crude) 25 lakh tonnes, bauxite 16.61 lakh tonnes, chromite 6.36 lakh tonnes and gold 120 kg.
The non-ferrous metal has been trading higher than 50, 100 and 200 days' moving averages but lower than the 5 and 20 days’ moving average on the daily chart.
MCX Copper has given a negative breakout from the rising trend line channel, price is expected to trade negatively, said Axis Securities.
The momentum indicator Relative Strength Index (RSI) is at 57.18, which indicates a mildly bullish movement in prices.