Vedanta Shares Rise After State Allows Oxygen Production From...
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The most-traded June copper contract on the Shanghai Futures Exchange climbed as much as 2.3% to 74,630 yuan ($11,552.99) a tonne, its highest since May 2006 and web page also close to its record level of 76,160 yuan. Codelco CEO Octavio Araneda said the company would nonetheless proceed with caution, remaining focused on its 10-year, $40 billion initiative to upgrade its aging mines, which have suffered in recent years from falling ore grades.
CHENNAI, April 26 (Reuters) - Shares of oil-to-metals conglomerate Vedanta Ltd rose around 5% on Monday after India's Tamil Nadu state government allowed its shuttered copper smelter to produce oxygen for four months amid a nationwide shortage as coronavirus cases soar. "The copper price has gone stratospheric and probably has further to go, which is a boon for miners who are currently making at least $2 for every $1 they spend getting metal out of the ground," said Robert Edwards, CRU Group's principal analyst for base metals.
"While the price of copper had a positive impact and contributes to our goals, we must not forget the lessons of the last supercycle: the price is highly volatile and what a serious company should do is focus on long-term plans," Araneda said in a statement. Beside the profit windfall, Codelco also increased production over the same period the previous year by 7%, to 386,000 tonnes, even as health authorities in Chile ratcheted up restrictions on movement and commerce to slow a rise in coronavirus infections.
Three-month copper on the London Metal Exchange was down 0.6% at $9,830.50 a tonne, as of 0537 GMT, retreating after a five-session rally. It rose to as high as $10,008 on Thursday, hovering close to a record $10,190 hit in February 2011. April 30 (Reuters) - London copper prices slipped on Friday after crossing the key psychological level of $10,000 in the previous session, as investors booked profits in subdued trading ahead of next week's market holidays. HANOI, May 7 (Reuters) - London copper prices hit a record high on Friday, boosted by tight supply outlook and hopes for strong demand in the new energy sectors, as major TRANH ĐỒNG PHONG THỦY economies recover from the COVID-19 pandemic.
Despite the pullback, London copper was on track for its 12th monthly gain in last 13 months, boosted by optimism around prospects for a quick global economic recovery as well as tightening supply conditions. * Chile's lower house of Congress approved a bill that would sharply hike taxes on the country's copper industry, raising fears from miners that it could chill investment in the world's biggest producer of the metal and drag on global supply. Grupo Mexico, also a major rail freight operator and infrastructure developer, will likely bring its so-called intermodal transportation terminal outside the key Pacific port of Manzanillo online by this year's fourth quarter, transport division head Fernando Lopez said on the call.
Chilean state Copper Commission Cochilco reported that Codelco's production rose 0.7% this March compared to the same month the previous year to 148,700 tonnes, while Collahuasi - a joint venture by Glencore and Anglo American - posted a 5.2% year-on-year uptick in its production, to 53,000 tonnes.amia.vn
