HINDALCO.NSE

Hindalco Industries Ltd.

Copper fell on Monday as elevated oil prices fuelled inflation concerns, supporting the US dollar and dampening expectations for rate cuts by the Federal Reserve. The most-active copper contract on the Shanghai Futures Exchange declined 1.28% to 99,310 yuan ($14,390.04) a metric ton, as of 0330 GMT. The benchmark three-month copper contract on the London Metal Exchange slipped 0.32% to $12,740 a ton. Brent futures remained above $100 a barrel as the US-Israeli war on Iran stretched beyond its second week, adding to inflation fears with the US consumer spending rising in January. The Fed is widely expected to hold rates on Wednesday, and markets are increasingly pricing in much lower chances of an easing by June. “Most industry contacts expect copper price to face downward pressure in the short term driven by the strong USD, delay in Fed rate cut with higher inflation, and weak demand resumption in China after Chinese New Year,” analysts at Citi said in a note. The US dollar eased slightly but held near a 10-month high on Monday.A stronger dollar makes greenback-denominated commodities less affordable for investors using other currencies.

New Delhi: Hindalco Industries on Sunday said that it has not halted operations of its aluminium extrusions business and emphasised that the customer communication -- issued after force majeure claims by some gas suppliers -- was just a routine business intimation regarding potential supply disruption.Amid evolving geopolitical developments affecting global trade and the economy, Hindalco Industries clarified that there is currently no impact on the company's overall operations or financial performance. "Any potential disruption is limited to a small portion of the Aluminium Extrusions business," it said in a statement.The statement comes in the wake of a report which said the company has halted aluminium product sales amid the West Asia crisis.Also Read: Packaged food companies slash production amid LPG crunch"Hindalco has not halted operations of its aluminium extrusions business," the company statement added."The communication issued to aluminium extrusions customers follows a force majeure declaration by certain gas suppliers and was a routine business intimation regarding a potential supply disruption in a segment of the extrusions business," the statement said.

Hindalco Industries has stopped producing extruded aluminium. This value-added product is crucial for construction, electric vehicles, and solar panels. The company cited a severe gas shortage impacting its operations. India is facing its worst gas crisis in decades. Hindalco is taking steps to lessen the impact. Its aluminium smelters continue to operate.

Mumbai (Maharashtra) [India], March 13: Shipwaves Online Limited has announced that it has secured a significant purchase order worth ₹1,56,70,678 from Hindalco Industries Limited to implement a comprehensive end-to-end logistics digitalization solution designed to enhance Hindalco's export and freight management operations.