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Business EconomyPosted at: Oct 4 2016 5:59PM


Non-ferrous metal prices to remain flat in second half of this FY: ICRA

New Delhi, Oct 4 (UNI) Indian Credit Rating Agency (ICRA) has maintained its outlook for a range bound movement in aluminium and copper prices, hovering around their current levels in the near term.
Moreover, the upward movement in zinc prices witnessed in the last six months or so, is also likely to flatten and remain at around its current level at least over the next three months or so.
According to ICRA, post witnessing record low levels in the second half of fiscal 2016 (H2 FY2016), international prices of aluminium, copper and zinc have strengthened in the current fiscal. While aluminium and copper prices quoted at the London Metal Exchange (LME) have strengthened by 15 per cent and 10 per cent respectively from their respective lows, increase in the price of zinc has been much sharper, at 56 per cent.
Jayanta Roy, Senior Vice-President and Co-Head, Corporate Sector Ratings, ICRA, said, “Global markets of non ferrous metals have remained in deficits in the current calendar year so far. Although consumption growth of non-ferrous metals in the global market remained muted, there has been greater producer discipline internationally, leading to the continuing deficits in base metals, supporting their prices.”
ICRA estimates that the average global capacity utilization of aluminium and copper producers at present would be at around 80 per cent. Hence, any significant rise in prices from the current levels may incentivise manufacturers to increase production, resulting in the markets turning into a surplus from the current deficits. Such demand-supply swings would keep international non-ferrous metal prices range bound in the near term, hovering around their existing levels.
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