Copper in India to lose sheen due to demand-supply mismatch: CARE

A demand-supply mismatch in domestic copper market will make India a net importer of refined copper in 2019-20 (FY20), CARE Ratings said on Friday.

With the permanent closure of Tuticorin smelter and the uncertainty surrounding with its remission, CARE expects that by the end of FY20, refined copper production will be around 450,000 tonnes, down 1.5 per cent from FY19 numbers.

Production of copper during April-July period stands at 167,000 tonnes. India has emerged as an importer of copper ore and concentrates and imports more than 90 per cent of its concentrate requirements due to lack of copper mines in the country. 

However,