Business Standard

Indian copper consumption may double by '12: Hindalco

Newswire18  |  Mumbai 

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.

 

RECOMMENDED FOR YOU

Indian copper consumption may double by '12: Hindalco

Domestic copper consumption 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, Hindalco Industries.

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.

 

image
Business Standard
177 22

Indian copper consumption may double by '12: Hindalco

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.

 

image
Business Standard
177 22

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard