Aurubis : Despite other drivers in good shape, contractual TC/RCs at historical lows lead us to downgrade our mid-term expectations
>Contractual TC/RCs at historical lows - Bloomberg yesterday reported that the Chilean producer Antofagasta had agreed with a top Chinese smelter for treatment and refining charges (TC/RC) on copper concentrate of $ 23.25/t and 2.325 ct/lb in H2, a dramatic drop relative to the $ 80/t and 8 ct/lb set in H1. Concentrates are intermediate products from the initial processing of ore by miners with a metal content generally 20% and 30%. TC/RCs are deducted from the price ...Norddeutsche Steingut is a Germany-based manufacturer and distributor of tiles, concentrating on wall and floor tiles for the residential and commercial sector. As of December 31, 2011, Co. was operational through its two wholly owned subsidiaries Nord Ceram Fliesenproduktions und -vertriebs GmbH & Co. KG, which mass produces standard- and large-size floor tiles under the Pro brand for its own sale and for partners of the parent company; as well as Bremer Wandplatten GmbH, which produces floor and wall tiles under the BW brand. Co.concentrates on business activities in Germany
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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