TSINGSHAN GROUP
JSL charts Rs 5,400 crore strategic investment plan
Company officials said JSL expects its debt to rise by Rs 300-500 crore, over the existing Rs 4,800 crore, by the end of the current fiscal due to the expansion plans. JSL said it will be developing and operating a stainless steel melt shop (SMS) in Indonesia with an annual production capacity of 1.2 MTPA. This will increase the company’s melting capacity by over 40% to 4.2 MTPA at a Rs 700 crore investment.
JPMorgan owned the LME 'nickel' that was actually bags of stones
JPMorgan was the owner of the nine invalidated contracts, according to people familiar with the matter. The bank registered the bags of material as being deliverable against LME contracts in early 2022, said the people, who asked not to be identified discussing private information.
Copper slips as China Covid hits industrial activity
China reported five new COVID-19 deaths for Dec. 19, compared with two on the previous day, increasing the nation's fatalities to 5,242 the National Health Commission said on Tuesday.
LME rips up its free-market rule-book to tame wild metals
The LME has come in for understandable criticism that it waited too long to suspend the nickel market. The exchange's compliance department, which has unique insight into trading flows, should surely have seen that something ugly was brewing.
Caution reigns as nickel trading resumes in London
Besides suspending nickel trading for only the second time in its 145-year history, the LME also cancelled all trades on March 8 and extended deadlines for those with obligations to deliver physical metal against its contracts.
China shares end lower on inflation worries, new COVID cases
China's blue-chip CSI300 index closed down 0.92% at 4,226.35, the lowest close since June 30, 2020, after falling as much as 4.6% in afternoon trade. The Shanghai Composite index was down 1.13% at 3,256.39.
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Commodities market volatility sparks spillover concerns
Prices for Brent crude are up more than 30% since the invasion began, while nickel prices doubled on Tuesday – a move that appeared to have been exacerbated by a Chinese firm covering bets against the metal and reducing its exposure to costly margin calls.
Electric vehicles to get costlier? Key metals will be pricier for longer after record year
Battery metals are in the throes of an unprecedented boom as the global push toward a greener future fires up demand for materials such as lithium, cobalt and nickel, at a time of constrained supply exacerbated by the pandemic. That will probably boost battery costs and could delay the widespread adoption of electric cars.
Commodity strategies: Gold, silver, crude oil, base metals
The strength index RSI for MCX Gold is hovering in the oversold zone (28) that might limit more downside in gold prices.
Coronavirus slows China's Belt and Road push
China's top regulator of state-run cos said that virus has caused "difficulties" on some overseas projects.
Chinese steelmaker Tsingshan Holding Group to invest $3 billion in Dholera for en electric battery plant
Within a year of signing the MOU, the company began the construction of the first phase of the project which is slated to be completed in a record time of 14 months.
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