Today, Saturday 13-5-2023, copper prices witnessed stability in the middle of trading, as the Copper is widely used in the energy, construction and transportation sectors, amidst a boom in manufacturing activities in China.
We review the price of copper today:
Copper prices on the metals exchange
The price of a ton of copper on the Metals Exchange today, Saturday, was $3.7125.
Today’s highest price for copper ore on the stock exchange was $3.7220.
Today’s lowest price for copper ore was $3.6770.
Red and yellow copper prices in Egypt
The price of a ton of copper today recorded 297 thousand pounds per ton.
The price of a kilo of copper today ranged from 180 to 297 pounds per kilo.
Today, the price of a ton of red copper recorded 230,000 pounds on the Metals Exchange.
The price of a ton of brass was recorded at 105,000 pounds per ton on the Metals Exchange.
The price of brass shelves has settled at 299 pounds per kilo.
Copper futures extended their decline to $3.8 a pound in late April, the lowest level in nearly four months, amid a firm dollar and concerns about weak demand.
Investors remained disillusioned with buying activity from Chinese manufacturers after the country reopened. Yanghsan’s copper premium has more than halved since mid-March to $23 a ton, indicating supplies were plentiful amid weak demand for physical deliveries. In the meantime.
Slower growth in the US and expectations of a more hawkish policy by the Federal Reserve hurt the US demand outlook. With prices kept to a minimum, data from the London Metal Exchange showed inventories fell to 56,000 tonnes, the lowest number since 2005, and Chile’s state-owned Codelco said production in 2023 is estimated to drop by 7% after a 7% decline. 10.6%. in 2022.
The Chamber of Metallurgical Industries and the Foundry Division agree with the National Bank to finance the development of casting factories
In implementation of the initiative of President Abdel Fattah El-Sisi, to support the industrial sector to enhance its pivotal role in achieving targeted economic growth and deepening local industrialization, the Chamber of Metallurgical Industries headed by Major General Staff Imad Al-Alfi, and the Foundries Division headed by Dr. Engineer Omar Abdel Aziz, agreed with the National Bank of Egypt to Providing the necessary funding to modernize casting factories in different regions at a decreasing interest rate of 5%, within the framework of continuous instructions and directives to achieve sustainable development and industry development.
Dr. Omar Abdel Aziz, Head of the Foundry Division, said in press statements today that the bank will work to provide the necessary support to finance casting factories wishing to modernize and develop machinery and equipment and switch to working with electricity instead of relying on fuels that are harmful to the environment such as coal and diesel, within the framework of The Central Bank of Egypt’s initiative to modernize the industry at a decreasing annual return rate of 5%, according to President El-Sisi’s initiative to support small projects.
He pointed out that the cost of environmentally friendly foundry melting furnaces exceeds about 500 thousand pounds per furnace, which is a huge cost for factories and workshops at the present time, especially since each of them needs many furnaces, which prompted us to resort to the banking sector to benefit from the initiative to support the local industry.
Abdel Aziz confirmed that the approval came as a result of the efforts and negotiations carried out by the Division with the bank officials, according to the continuous instructions of Major General Imad Al-Alfi, Chairman of the Chamber, with the aim of assisting foundry factories and developing them more efficiently, which will have a significant positive impact on the production cost in terms of On the other hand, increasing production and enhancing its quality.
He pointed out that the owners of foundries are scheduled to start directing their requests to the bank during the next few days to start procedures for obtaining the necessary financing, which helps to include unlicensed foundries in the official system.
Abdelaziz added that the documents required to benefit from the initiative to finance equipment and furnaces for foundries include a lease or ownership contract that covers the financing period, a tax card, a basic data document for the taxpayer from the tax authority, a recent extract from the commercial register, and the capital in the register is not less than 50 thousand pounds, and an insurance position. Recent and latest insurance receipt, operating license if available, accompanying receipt to the activity location, a copy of the customer’s national ID card, and a price offer for the required equipment, whether oven or filters.
He explained the existence of continuous coordination with a number of government agencies to work on the development of the foundry sector in Egypt because of its great importance.
Abdelaziz praised the current role of the state, represented by the Ministry of Industry and Local Development, the governorates and the banking system, in legalizing the conditions of factories in the various industrial clusters.
He explained that qualifying foundries to convert to work with electricity is in the direction of achieving sustainability, green economy and reducing carbon emissions, in line with the recommendations of the COP 27 climate summit that was held in Sharm El-Sheikh.
It is worth noting that Dr. Omar Abdel Aziz, Head of the Foundries Division, had confirmed in previous press statements the necessity of implementing 10 urgent measures to legalize the conditions of factories and workshops in the Al-Akrsha Industrial Zone, which has more than 4,600 factories and workshops, on top of which is the necessity of extending industrial and sanitary drainage networks, and connecting Natural gas, providing the necessary licenses and facilitating the process of obtaining them, helping factories to comply with the environment, in addition to increasing electricity loads, providing ambulance units and firefighting units, as well as paving internal roads, preparing means for transporting workers, and providing trained manpower.
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