Copper Trades Sideways

Indian Copper was trading at Rs 452.2 per kg, up 0.30%. In an important domestic event, The Tamil Nadu Pollution Control Board has rejected a renewal of consent to operate to Sterlite, the copper smelter of London-based Vedanta Resources in Tuticorin following protests and agitations in the state against the companys expansion plans.

Sterllite had not been operational in the past 15 days due to maintenance activity. Company released a press note mentioning that Please take note that the Company had applied for renewal of consent to operate (CTO) for its existing Smelter plant at Thoothukudi. The application has been rejected for want of more clarifications. The Company is evaluating further course of action.