The German copper smelter Aurubis has positive things to say regarding profits for the fiscal year. The company announced today that it “expects profits to bounce back this fiscal year from a sharp fall in the previous one, thanks to strong demand from China and a rise in the price for treatment and refining paid by miners,” reports Reuters.
“Europe’s largest copper producer said on Monday its operating earnings fell 62 percent to 114 million euros ($157 million) in the year ended Sept. 30, with turnover down 10 percent to 12.34 billion euros.”
“It had said on Nov. 5 that earnings before taxes would drop by more than half due to weak copper scrap and acid markets, low metal yields, a scheduled maintenance shutdown at its main refinery in Hamburg, and modernisation in rolled product works.”
“‘Although the first quarter will be strained by the large-scale shutdown in Hamburg and the restructuring of Business Line Flat Rolled Products, we are confident that we will return to a much better earnings level in fiscal year 2013/14,’ Chief Executive Peter Willbrandt said on Monday.”
In metal price news for copper…
The cash price of primary copper saw a 0.8 percent increase on Friday, December 13, reaching $7,230 per metric ton on the LME and making it the biggest mover for the day. Also on the LME, the copper 3-month price increased 0.7 percent to $7,214 per metric ton.
After a 0.6 percent increase, the Japanese copper cash price finished the day. The price of US copper producer grade 122 ended a two-day climb. The price of US copper producer grade 102 flattened after two days of improvement. The price of US copper producer grade 110 steadied following two-days of increases.
Chinese copper closed mixed last Friday. The price of Chinese copper bar closed. Following a couple days of improvement, prices fell by 0.2 percent. The Chinese copper cash price declined 0.2 percent, after two days of improvement. Chinese copper wire held its value last Friday. The price of Chinese bright copper scrap saw essentially no change for the fifth day in a row.