This note says 18,687 tonnes out of 30,613 tonnes are sold...

This note says 18,687 tonnes out of 30,613 tonnes are sold provisionally and revalued at a weighted average price of $3.18 / lb.

Copper stayed at $3.00 levels only for a few days around 30th Sept 2011. But how come ABY sold 18.6 tonnes (more than 60%) at such a low price.

If this copper is still in transit then it will be good for ABY because the final price will be the price prevailed at LME on the day it reached the customers port (that is Hindalco's port). This additional price will be realized in ABY's accounts at the year end.

But if this stock is the one that reached the customers port in and around 30th Sept then it is a bad news for ABY because that is the price prevailed at LME that time.

What ever may be the case my doubt is:- HOW ON EARTH ABY HAS MANAGED TO GET MORE THAN 60% OF THEIR PRODUCTION TO REACH HINDALCO'S PORT WHEN THE COPPER WAS AT SUCH A LOW PRICE.

Are they shipping their goods in one or two lots instead of spread over the period?

Copper price was well over $4.2/lb levels during April - Sep period they should have realised this price for a good period of time except those goods which reached customers port in and around 30th Sep.

In my opinion we should look for clarification from the management.

Cheers

Hari