Financial Daily from THE HINDU group of publications
Thursday, Nov 20, 2003
Financial Daily from THE HINDU group of publications Thursday, Nov 20, 2003 |
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Agri-Biz & Commodities
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Metals Hind Copper raises copper wire bar prices Dhimant Bhatt
Mumbai , Nov. 19 HINDUSTAN Copper Limited (HCL) on Wednesday fixed copper wire bar prices at Rs 130.810 per kg for November, up Rs 6.82 per kg over last month's price, company sources said. For October, the company fixed copper wire bar price at Rs 123.986 per kg. There are strong objections from the local trade, in general, and the Bombay Metals Exchange (BME), in particular, over the current price revision of copper wire rod . However, the company revised their wire rod prices to Rs 122.772 per kg, announced at the beginning of the month. Price for November is lower by Rs 1.214 per kg over October. This led the Bombay Metals Exchange to announce its monthly benchmark price of wire bar on the basis of the same formula as adopted by major copper producers. As per the formula, the exchange has announced copper wire bar price at Rs 131.114 per kg for its members, up by Rs 7 per kg over the price announced by HCL for October. The rate is effective from November 1, 2003. "We are not following HCL price revision. BME will announce its price revision every month for its members," an official said. BME has opposed the price reduction move, arguing that wire bars price announced for the current month is cheaper than cathode, which, according to it, is illogical.
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