Copper futures declined amid concern that the euro-zone nations will be unable to control the sovereign-debt crisis, damping the outlook for the global economy and curb demand for raw materials.
Rio Tinto Group, the world’s third- largest mining company, forecast high copper prices will continue before supplies from new projects damp the market.
Copper futures closed at a record high in New York after imports by China rebounded from the lowest level in a year. .
Codelco, the world’s biggest copper producer, agreed with two Chinese buyers to raise the surcharge on sales by 35 percent next year, according to two industry officials involved in the negotiations.
Grupo Mexico SAB, the largest mining company in Mexico, expects copper prices to extend their recovery amid “very strong demand from China.”
Continue reading Grupo Mexico Sees Copper Prices Rising on China
Copper fell on Tuesday, after surging to five-week highs in the previous session, as concerns over supply from top producer Chile eased after the mines there reopened following a massive weekend earthquake.
China’s imports of refined copper fell to 196,926 tonnes in January from 244,013 tonnes in December, while primary aluminium imports fell to 40,059 tonnes from 42,106 tonnes, customs data showed on Wednesday.
Friday, Jan 15, 2010
FAYETTEVILLE, Tenn., Jan. 14 /PRNewswire-Asia-FirstCall/ — Fushi Copperweld, Inc., (the “Company”) (NASDAQ:FSIN) , the leading global manufacturer and innovator of copper-clad bimetallic wire used in a variety of telecommunication, utility, transportation and other electrical applications, today announced that it has executed a five-year exclusive representative agreement with Copperhead Industries, LLC (“Copperhead”). Under the terms of the agreement, Copperhead has the exclusive right to purchase, inventory, promote, or sell the Company’s copper-clad steel (CCS) Tracer Wire Products or finished goods containing Copperweld(R) CCS Tracer Wire Products within the United States and Canada.
Monday, Jul 13, 2009
Abu Dhabi Basic Industries Corporation (ADBIC) and Bahrain’s Midal Cables Limited announced the establishment of a $100 million aluminum rod and conductor plant during the signing of their joint venture agreement. The signing serves to reinforce the strategic partnership formed by the companies last year. The joint venture agreement was signed by Jamal Al Dhaheri, Senior Vice President for Metals at ADBIC, and Hamid Al Zayani, Managing Director of Midal Cables.
Construction of the aluminum plant will begin in the first quarter of 2010 at Khalifa Port and Industrial Zone in Taweelah. The state-of-the-art plant will produce 150,000 tons per annum of aluminum products, including aluminum rod and aluminum electrical overhead conductors, to serve as feedstock to further Abu Dhabi’s downstream industries and to be exported internationally.
Speaking on behalf of ADBIC, Al Dhaheri said, “The establishment of this strategic partnership with Midal will be the first major milestone towards the expansion of Abu Dhabi’s downstream manufacturing capacity in the metals sector. This partnership brings together the technical expertise of one of the world’s largest manufacturers of aluminum rod and conductors with the experience of one of the leading industrial investment and development companies in the region. “
Al Zayani went on to add, “This joint venture is strategically important for Midal Cables. The rapid industrial growth in the UAE and GCC region requires world-class expertise in the field of aluminum production. Working with a leading investment and industrial development company like ADBIC further drives the growth of this key sector.”
The establishment of the aluminum plant is the first step towards the development of ADBIC’s upcoming metals cluster, which will play a fundamental role in expanding Abu Dhabi’s downstream manufacturing capacity in the metals sector. Strategically located between Abu Dhabi and Dubai, the cluster will focus on base metals such as aluminum, steel and copper.
ADBIC and Midal Cables also today announced the signing of a Memorandum of Understanding (MoU) with Emirates Aluminium Company Limited (EMAL) aimed at sourcing molten aluminum, the plant’s main feedstock, from their new smelter. By the second quarter of 2011, ADBIC’s plant will be ready to receive its first batch of molten aluminum from EMAL.
“EMAL will play a fundamental role in supporting the development of ADBIC’s metals cluster,” said Al Dhaheri. “This partnership not only helps to drive ADBIC’s contribution to Abu Dhabi’s industrial diversification, but also leverages EMAL’s planned aluminum upstream production capacity, which will commence at 700,000 tons per annum in the first quarter of 2010.”