Hot rolled coils & Copper

Cum Clave analysis N.07 preview.

Strange week. Market stopped, but with internal clashes in Europe, especially in the context of some stocks. Some companies in the European area tried to raise prices and others out of necessity gave in to the purchase. Strange in a market with completely unchanged prices at source. The supply chain tries to activate forced purchasing mechanisms to activate some productions. Prices are still stable, if there is an increase, it will not last long. In this case we put ourselves on the buyers’ side to find alternatives in the negotiation and indicate lower prices. Watch out for very short-term speculation.

Copper

India has now become a net copper importer. Numbers presented to the Rajya Sabha by the Union’s Minister of Commerce and Industry. A report on the state of the grim copper situation. From a net exporter, India quickly slipped to become a net importer. The story, however, was not as simple and straightforward as the data indicate.

India’s refined copper imports more than doubled in 2018-19 to 92,290 tons ($ 605.20 million) from 44,245 tons ($ 294.95 million) in 2017-18.

Exports of refined copper, on the other hand, decreased substantially to 47,971 tons ($ 302.27 million) in 2018-19 from 378,555 tons ($ 2,435.57 million) in 2017-18.

So much so that the country has now become a net importer of refined copper.

Among the most used industrial metals, copper comes third after steel and aluminium in terms of quantities consumed. The country has limited copper ore reserves which make up about 2% of the world’s copper reserves. And mining production also accounts for only 0.2% of global production.

The price scenario for the week is still uncertain, but there are small signs of recovery at an international level.

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