Agarwal Raising Stake in Vedanta; Japanese Copper Sees Price Drop

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Is now the time to buy? “Vedanta Resources Plc’s founder and largest shareholder, Anil Agarwal, has steadily built up his stake in the London-listed mining and oil and gas firm this year, recent filings from the company show,” reports Reuters.

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“The scrap metal-dealer-turned-billionaire has made multiple stock purchases in January and February, raising his stake in the company to 68.46 percent as of February 20 from 66.93 percent at the start of the year.”

“The latest regulatory filing, published on Wednesday, showed that Agarwal purchased 210,000 shares at 851.48 pence per share on February 20 through his investment vehicle, Volcan Investments Ltd.”

“Vedanta’s stock closed at 842 pence on Wednesday on the London Stock Exchange.”

In metal price news for copper…

Dropping 1.2 percent, the cash price of Japanese copper was the biggest mover on Wednesday, February 26. Following two days of rising prices, the price of US copper producer grade 110 dropped 0.5 percent. The price of US copper producer grade 122 changed direction with a 0.5 percent drop. After two days of improving prices, the metal finished. Following a couple days of improvement, the price of US copper producer grade 102 weakened by 0.5 percent.

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Chinese copper prices were mixed for the day. Chinese copper wire ended the day, after the 0.7 percent drop on Wednesday. The price of Chinese copper bar fell 0.6 percent . The cash price of Chinese copper fell 0.6 percent. The price of Chinese bright copper scrap saw little movement.

The copper 3-month price held steady yesterday on the LME, remaining around $7,061 per metric ton. The primary copper cash price remained essentially flat on the LME at $7,130 per metric ton.