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Report on IIF New Building Inaugural Brief Report of 67th Indian Foundry Congress Inauguration of Faridabad Chapter of The Institute of Indian Foundrymenat MRIIRS on 29th October, 2018

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LME Copper prices may hover around $6,200-6,300 per ton
Date: 22-11-2018 00:00:00

Global copper prices are expected to hover around $6,200-6,300 per ton during the short to medium term period on a monthly basis, according to CARE Ratings Agency. LME Copper prices are to remain volatile till there is some settlement between the trade/tariff wars which are prevalent in the global economy. The winter cuts which will be announced soon in China might elevate copper prices. Demand for the domestic copper market is dependent largely on the electrical (34%), building & construction (8%), automobiles (11%) and the consumer durables segments (8%). The CARE Ratings estimate India’s domestic demand is range around 530-535 KT during FY19. The SMART City development, impetus on increase of renewable energy, demand from the automobile segment and capex activities related in the railways and defense sector is likely to further support the domestic demand for the metal. Given that refined copper consumption is to increase in the given backdrop of robust infrastructure activities undertaken by the government, there will be a further increase in the imports of refined copper.

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