The Hindu Business Line : Hind Copper to alter wire bar price declaration system

HINDUSTAN Copper Ltd (HCL) has decided to change the present system of benchmark price declaration for copper wire bar (CWB) beginning from this month, in order to streamline the price of wire bar with other copper products, trade sources said.

Hindustan Copper will henceforth declare copper wire bar price on the basis of average LME cash selling price and average TT selling prices for the month of delivery same as prices of copper cathode and rods announced by the two major private sector copper producer (Birla Copper and Sterlite Copper) every month.

Copper wire bar price was being declared till February on the basis of the previous month's average of London Metal Exchange (LME) and TT selling rate, which were known at the time of declaring the prices, a leading metal trader said.

"Since, the average LME cash selling prices and average TT selling rate for the month of supply/delivery would be known only at the end of the month, the invoices/challans will be prepared based on provisional prices," a director of BME said.

Provisional price of copper wire bar (full) for the month of March 2004 is Rs 1,73,900 per tonne (ex-works/ex-godown), as per the Hindustan Copper circular issued to member brokers. The price is exclusive of excise duty (ED), sales tax (ST) and other statutory levies and duties as applicable on date of dispatch.

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