Indian Copper ended the last session trades marginally up. The prices were only 0.12% up to Rs 447.5 per kg. The prices tested a high of Rs 449.35 per kg and a low of Rs 443.6 per kg. Meanwhile, Rio Tinto came out with its production numbers for first quarter.
Rio Tinto chief executive J-S Jacques said n++We delivered a solid operational performance across most commodities in the first quarter of 2018. Our world-class Pilbara iron ore assets continue to demonstrate flexibility and the benefits of increased productivity, and production at our bauxite and copper assets was also higher. We announced $ 5 billion of divestments in the quarter, highlighting our ongoing drive to strengthen the portfolio and raise return on assets. By continuing to advance our mine-to-market productivity programme, whilst maintaining our focus on the disciplined allocation of cash, we will continue to deliver superior returns to our shareholders.n++
Pilbara iron ore shipments of 80.3 million tonnes (100 per cent basis) in the first quarter were five per cent higher than the first quarter of 2017, benefitting from productivity improvements and fewer weather disruptions. Bauxite production of 12.7 million tonnes was 12 per cent higher than the corresponding quarter of 2017, due to continued operational improvements. Third party shipments increased by 19 per cent to 8.2 million tonnes due to firm demand and higher port availability. Aluminium production of 0.8 million tonnes was five per cent lower than the first quarter of 2017 due primarily to disruptions at the Becancour smelter in Canada. Mined copper production of 139.3 thousand tonnes was 65 per cent higher than the first quarter of 2017, as output recovered at Escondida following a labour union strike in the first half of last year.