Copper—–
Copper extended the morning losses as Dollar extended some gains against the EURO which enthused profit booking. Copper benchmark contract is now trading at Rs 326.95 per kg down Rs 3.
Dollar now trades at 1.4811 up 45 pips against the EURO.
It will be interesting to see what would be the effect of the global rebalancing act by the hedge funds in January, considering the rampant pace which Copper adopted in the year 2009. The prices are likely to see some hiccups in the next few months.
Xstarta announced last week that it will boost its capital spending in the year 2010 by 89% to $ 6.8 billion. “Most of the increased capex would go towards the nickel, coal and copper divisions for new and expanded mines” Chief Financial Officer Trevor Reid said during a seminar.
Xstrata said its board had approved spending $542 million to extend the life of its Ernest Henry copper and gold mine in Australia until at least 2024 by shifting to underground mining. The copper unit has six advanced projects to deliver 60 percent production growth by 2015, Charlie Sartain, chief executive of Xstrata’s copper division, said.
Rice——-
Indonesia may raise the price it pays for rice purchased from local farmers by 10% next year, tracking global increases in rice prices and fertilizer costs, Agriculture Minister Suswono said Monday.
Chinese Economic Growth—–
The Chinese government pledged Monday to push forward the transformation of its economic development pattern next year while maintaining stable and comparatively fast economic growth.
Participants at the three-day annual Central Economic Work Conference agreed that the global financial crisis highlighted the urgency to transform China’s economic development pattern.
They agreed that the government should coordinate efforts to maintain stable and comparatively fast economic growth and speed up the transformation of the economic development mode.
Meanwhile, As per latest released by China Sugar Association, China produced 792,000 metric tons of sugar during November, up 9.2% from previous year.
Popularity: 30% [?]
