Indian Copper was trading at Rs 448.5 per kg, up 1.42%. The prices tested a high of Rs 449 per kg. A charge above Rs 455 will be beneficial for medium term for Copper.
Commodities giant Anglo American is on track to make a decision on the US$ 5-billion Quellaveco copper mine in Peru by mid-year. The company is set to present the project to its board around June, and is looking to find a partner to shoulder some of the cost
In a seperate event, Morsk Hyrdo Albras Board of Directors has decided to curtail 50 percent of aluminium production at the Albras aluminium plant. The curtailment represents 230 000 tonnes on an annualized basis and is a result of the Alunorte alumina refinery not being able to supply more than 50 percent of Albras alumina needs following Alunortes forced production cut.
The curtailment decision was taken today, April 10, and the process to reduce production will be initiated shortly. Albras sources all its alumina from Alunorte. Albras aims to restart production when Alunorte resumes full production. Albras is located in the municipality of Barcarena, in the state of Parà, in Brazil, next to the Alunorte alumina refinery, and has an annual capacity of 460 000 tonnes primary aluminium. Hydro owns 51 percent of Albras, the remaining 49 percent is owned by Nippon Amazon Aluminium Co. Ltd.