HCL raises basic selling prices by 2%

Public sector firm Hindustan Copper (HCL) raised provisional basic selling prices of its products by a marginal 2 per cent to bring them in line with the prevailing prices on the London Metal Exchange (LME), the world’s largest non-ferrous metals trading platform.

Post revision, copper cathode full is quoted at Rs 3,74,300 a tonne for the product’s sale in August as against Rs 3,67,200 in July while cathode cut is sold at Rs 3,75,700 a tonne this month compared with Rs 3,68,600 a tonne last month.

Standard and non-standard CC rods of 8mm diameter each are quoted at Rs 3,78,700 a tonne (Rs 3,72,100) and Rs 3,78,300 a tonne (Rs 3,71,800) respectively. CC rod of longer diameter (11-16mm) is sold at Rs 3,80,400 a tonne in August as against Rs 3,73,900 in July.

Similarly, the company settled copper cathode full and cut, which sold in July at Rs 3,94,018 (Rs 3,86,483) a tonne and Rs 3,95,518 a tonne (Rs 3,87,983).

The aforementioned prices are excluding excise duty, education cess, secondary and higher education cess, sales tax, octroi and other statutory levies, depending upon the date and item of purchase and place of delivery. The integrated copper producer revises its product selling prices based on the average of copper prices on the LME during the past month, currency fluctuations and prevailing global demand-supply situations.

Since the LME price is considered as the benchmark globally, HCL takes approximately Rs 1,00,000 a tonne over and above the provisional price for assured metal delivery in order to safeguard itself from any untoward volatility.

In July, the average copper settlement price on the LME moved about 2 per cent up to $8414.04 a tonne as against the June average of $8260.60.

HCL also clarified that the difference between the values based on the final price and financial arrangement will be settled expeditiously in the month following the supply month.