Financial Daily from THE HINDU group of publications
Tuesday, Dec 30, 2003
Financial Daily from THE HINDU group of publications Tuesday, Dec 30, 2003 |
|
|
|
|
|
Agri-Biz & Commodities
-
Metals Copper products price likely to be increased Dhimant Bhatt
Mumbai , Dec. 29 BIRLA Copper and Sterilite Industries, the two major private producers, and Hindustan Copper Ltd, the public sector producer, may hike the prices by Rs 9-10 per kg on the three copper grades from January 1, following rise in prices on the London Metal Exchange (LME) this month. New prices for copper products include copper wire bar, copper cathode and copper rods. Copper prices in the country are fixed on the basis of the rates that rule on LME the preceding fortnight. "Copper prices in the international market have been constantly going up and up because of demand-supply gap. Overall stocks at LME warehouses have also been declining sharply in the recent months", a local dealer said. During the current month, copper spot (settlement) price at LME firmed up by around $150 to $2,250 a tonne on December 24 from $2,100 a tonne as on December 2. On the other hand, spot prices of copper wire bar in the Mumbai metals market jumped up by Rs 20-21 a kg during the current month. Overall stocks of copper Grade-A at LME were down at 4,37,550 tonnes as on December 24, from 4,64,950 tonnes as on December 2 and 8,12,950 tonnes as on April 1, 2003. In the beginning of the month, all the major producers of copper products had hiked their prices upward by about Rs 9 per kg for all the three different grades. These companies had increased prices by Rs 9.40 per kg to Rs 138.684 per kg for CC Rod grade and Rs 133.654 per kg for copper cathode respectively for the month of November, trade sources said. "Hindustan Zinc Ltd (HZL), only producer of zinc and lead metal, is likely to announce marginal increase in the price of zinc and lead for the next month," a broker said.
Article E-Mail :: Comment :: Syndication
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | Home |
Copyright © 2003, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|