Business Standard

Indian copper consumption may double by '12: Hindalco

Related News

Domestic is likely double by 2012 to 1.1 million tonnes on the back of increased demand from the power sector, said S K Sharma, vice-president, marketing, Industries.

“As such, transformers and wire cables are going to be two major contributors to the domestic copper demand,” Sharma said.

Sharma sees domestic demand for refined copper at 0.4 million tonnes in 2008-09 (April-March).

A sharp fall in copper prices in the last few months has led to an increased domestic demand for refined copper this year, he said.

Local copper prices have plunged nearly 50 per cent to current levels in line with global prices.

At 2:19 pm, April copper contract was at Rs 189.95 per kg, down 2.02 per cent from Saturday’s close.

“Domestic copper producers are concentrating on local (copper) demand than exports this year (2008-09) as the prices have fallen sharply,” he said.

He was speaking at Metals Outlook & Market Trends conference held in Mumbai on Saturday.

Sharma further said that local demand had picked up recently mainly because users of recycled copper had started using refined copper.

On exports Sharma said, “Of the total production this year, domestic consumption would be around 70 per cent and the balance would be exports”.

In 2007-08, exports were around 52 per cent of the production, while domestic demand was around 48 per cent.

 

Read more on:   
|
|
|

Read More

Cotton yarn exports to touch record high in FY13

This financial year, cotton yarn exports are expected to touch an all-time high, owing to good demand from China. Textile Commissioner A B Joshi said ...

Quick Links

 

Market News

Bullish bets on India at a high: Report

Investors more overweight on India compared to other emerging markets says Bank of America Merrill Lynch

HDFC Bank net up 20%, a tad short of expectations

Yet, operationally, a good quarter, with a pick-up in retail loan growth, steady margins, asset pressure under control

Oberoi Realty extends gain post Q2 results

The stock rallied 5% to Rs 230, extending in past two day's 5% gain, on reporting 30% yoy growth in operating profit.

SMC Global files fresh papers with Sebi for its public issue

Regulator's earlier approval, which was valid for one year, has lapsed

Weakness in heavyweights drag markets lower; Nifty at 7,890

ONGC, ITC, Infosys and HDFC among the top losers of the hour

Back to Top