The shift comes as forecasters turn increasingly bullish on copper, aluminum and other metals, where long-anticipated production shortfalls are starting to take shape. Many commodities houses also see strong links between metals usage and power markets – another growth area for traders. Share this news on social media…
LONDON, April 23 (Reuters) – Upward momentum that has propelled copper prices to within a whisker of the psychological $10,000 a metric ton mark is expected to be sustained by the appearance of shortages over the coming months. Copper prices have recently been bolstered by expectations of tight supplies and optimism about demand prospects from energy transition applications such as electric vehicles and new technology such as artificial intelligence and automation. Share this news on social media…
March was a month where mid-cap were beaten down badly. April till now has shaped up better. Now this flip flop of performance has led to a situation where there is a high probability of investors getting confused about what they should do at this point of time, should one avoid mid-cap space or increase exposure. While it should always be the principle, in times of lack of clarity, buying quality stocks should be basic principles which should guide one’s decision. Especially when one is buying mid-cap stocks. The reason, when valuations are not cheap then small corrections in broader can lead to strong negative reaction in stock prices. Now how does one do it? Look at the underlying business which is best understood by going through its annual report and look at a certain basic ratio in order to figure out how much return that underlying business can generate in best and worst case. Share this news on social media…
Shyam Metalics and Energy Ltd. key Products/Revenue Segments include Steel, Sale of services, Miscellaneous, Export Incentives, Power for the year ending 31-Mar-2023. Share this news on social media…
Export activity pushes up domestic prices Bad weather disrupted domestic scrap movement This week, scrap prices in the UAE surged by $4/tonne (AED 16/t) despite a sluggish market, partly due to recent rains and thunderstorms that disrupted domestic scrap movements in major regions, particularly Abu Dhabi and Dubai. Additionally, better export activities kept domestic scrap trades relatively slow. Share this news on social media…
Rohit Srivastava says: “I have remained cautious on the metal side even though it has done well, simply because of other macro trends that usually keep us on the right side. I am simply observing what is happening on the metal side. But I think there could be an opportunity on the tech side in the weeks ahead.” Share this news on social media…
The fact that China had been making one after another attempt to bring its economy back on track and did not meet with immediate success led to an impression that things will not improve for the metal sector anytime soon. But on Tuesday, when the GDP numbers came out, they were better than expected, against the expected 4.8 % the numbers came at 5.3 % for the first quarter. While this is a quarter number so there can be some skepticism the fact is that over the last two decades, there have been many issues that the Chinese economy has faced, right from debt to GDP concern to shadow banking to property crisis. They all have been resolved and the economy has been able to make a comeback. So, don’t dismiss these numbers. The biggest impact of a sustained Chinese recovery would be felt by one sector, that is metals and probably the street has a hint of it and that is why metal stocks can outperform even in volatile markets. Share this news on social media…
But the sanctions will still reverberate through metals markets because of the LME’s central position at the heart of the industry. Its prices are used as a benchmark and referenced in a huge number of contracts around the world, and many buyers view the ability to deliver on the LME as essential. Share this news on social media…
Russian Copper Company (RCC) and Chinese firms have avoided taxes and skirted the impact of Western sanctions by trading in new copper wire rod disguised as scrap, three sources familiar with the matter told Reuters.Copper wire rod was shredded in the remote Xinjiang Uyghur region by an intermediary to make it hard to distinguish from scrap, the sources said, allowing both exporters and importers to profit from differences in tariffs applied to scrap and new metal, the sources said.Russia’s export duty on copper rod was 7 per cent in December, lower than the 10 per cent levy on scrap. Imports of copper rod into China are taxed at 4 per cent, and there is no duty on Russian scrap imports. Share this news on social media…
Ship-breaking melting scrap prices in Alang, Gujarat, held steady for the third consecutive day on 12 Apr 24. According to BigMint’s assessment, HMS (80:20) prices remained at INR 34,700/ t ($416/t) ex-yard. Semi-finished steel prices remained almost steady in yesterday’s trading session in the region, and moderate trade activities in scrap prompted suppliers to keep prices stable. Share this news on social media…
