MTECHTIPS;-Copper Trading Higher in Evening Trades

Spread the love

MTECHTIPS;-Copper Trading Higher in Evening Trades

MTECHTIPS- Indian Copper was trading at Rs 456.9 per kg, up 1.32%. The prices of Copper tested a high of Rs 457.7 per kg, and a low of Rs 452.6 per kg. Global copper mining behemoth Antofagasta released its fourth-quarter and full-year results for 2017 on Tuesday. The mining company announced it was raising its dividend to 40.6 cents from 15.3 cents and reported a pre-tax profit of $1.83 billion. Here are some remarks from the company’s earnings report. Copper supply came under pressure during the first half of the year as strikes and other issues at some of the world’s largest mines led to significant disruptions. However, in the second half of the year demand was supported by unexpected strength in key markets, particularly in China. This resulted in the average realized price of copper being 29.0% higher in 2017 at $3.00/lb. The copper market is expected to tighten in the second half of the year and to be in balance or in a slight deficit for the full year. From 2019 the likelihood of the market being in deficit is expected to increase as mine supply continues to be affected by the long-term trend of grade decline and lack of new investment… the few projects that have been approved or are awaiting the final stages of permitting are only expected to come on-stream in the next decade. On production at Los Pelambres, Copper production was 343,800 tonnes in 2017, which was 3.3% lower than in 2016. This decrease was primarily due to lower grades, which dropped from 0.73% to 0.68%. On outlook at Celandine, Production for 2018 is forecast at 230-245,000 tonnes of payable copper, 130-140,000 ounces of gold and 1,500 tonnes of molybdenum following the commissioning of the molybdenum plant early in 2018. While the grade at Centinela Concentrates will be lower than in 2017, Encuentro Oxides will reach full capacity during the year contributing approximately 50,000 tonnes of payable copper

MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips