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Glencore International plc published its second sustainability report. The report evaluates Glencore's performance in 2011, its progress in contributing to sustainable development and the level of commitment it has shown towards all of its stakeholders.




The report disclosed, Glencore's Global Corporate Practice (GCP) programme, which includes a complete programme of Group-wide sustainability objectives and targets by which the company intends to drive its performance and measure its progress. This new programme sets out Glencore's approach to implementing our GCP framework and defines a clear path to fulfilling the Company's GCP commitments.


In Zambia, work done at Mopani to upgrade the smelter will result in Glencore's SO2 capture programme completing 18 months ahead of the target initially agreed with the Zambian government. On completion, the $2 billion project will capture c. 97% of all SO2. On a smaller scale, Mopani completed the construction of 2,667 sanitation units in a residential area, helping to dramatically improve living conditions. Mopani also commenced a $10.5 million project to repair two key roads crucial for economic growth in the region.


Ivan Glasenberg, Chief Executive Officer of Glencore International plc, said:


“Sustainability is a core focus across the Group and this report demonstrates our commitment to the people working for Glencore, our customers, the environment and to the communities in which we operate. As we expand our footprint, we will work hard to put in place the right structure and programmes so that we continuously improve at all our operations.”

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The MCX Silver futures broke above Rs 61000 per kg levels today as a good amount of fresh buying helped the metal amid mostly positive movement in global risky assets. The US dollar slipped as US Congressional leaders met with President Barack Obama on Friday and said they would work to find common ground on taxes and spending. This boosted hopes that the world's largest economy would be successfully able to combat with the looming "fiscal cliff". Gains in other industrial commodities like Copper and Crude oil also boosted the metal. COMEX Silver futures are trading at $32.60, up 2.3 cents or 0.73% on the day.

Silver futures extended a downward run from its highs near $35 per ounce achieved in the first week of October 2012. LME Copper tested its two-month lows and kept Silver in tight ranges. Silver is linked directly to industrial activity and safe haven demand and a drop in copper is normally supposed to have a negative influence on the white metal. The commodity tested its two-month lows near $30 per ounce and closed at $32.37, up nearly 5% on the fortnight. The prices have been locked in a broad range of $30-35 per ounce over last few days and a break on the either side is needed for further direction.

Precious metals consultancy GFMS estimates that industrial demand for silver fell 6% in 2012, driven by weak economic growth in developed countries. Manufacturers continued to find ways to substitute cheaper raw materials in place of silver. Meanwhile, consumers have cut purchases of silverware and shifted away from costly precious metals in their jewelry purchases. The trend was partially offset by rising sales in emerging markets, particularly China, GFMS said. While the industrial demand dropped, silver mine supply rose for the 10th consecutive year in 2012, and is expected to total 797.0 million ounces, up 4.3% from 763.8 million ounces in 2011, according to the consultancy.

The white metal had neared $32.30 per ounce levels earlier in the session but edged up quite impressively thereafter, adding one full dollar during the day. The Asian equities added good gains following a near 1.5% surge in Japanese stocks while the European stocks are also up by nearly 1%. MCX Silver futures are trading at Rs 61038, up Rs 168 or 0.26% on the day. The open interest in the counter is up nearly 4% - indicating fresh buying.

MCX BULLION UPDATES

Bullion metals ended lower at Comex on Wednesday, 07 November 2012. While gold ended marginally lower, silver ended modestly lower. Prices dropped due to strength in the U.S. dollar as economic and financial concerns in Europe sank the euro. But win for President Obama to serve as America's president for second time kept the losses under check.
Gold for December delivery fell $1 (0.1%) to settle at $1,714 an ounce on the Comex division of the New York Mercantile Exchange on Wednesday.
On Wednesday, December silver fell 37 cents, or 1.2%, to settle at $31.66 an ounce on Wednesday.
The dollar index, which weighs the strength of the dollar against a basket of six other currencies, rose by 0.2% at the end of the day.
US equities opened the session sharply lower on Wednesday after Barack Obama was reelected to a second term as President. Adding to the bearish sentiment were comments from European Central Bank President Mario Draghi, who said that the European debt crisis is starting hurt the German economy. The negative outlook was confirmed by this morning's Eurozone Autumn Forecast, which also pointed to an expected slowdown in the German economy.
And in Brussels, the European Commission said the euro-zone economy will expand only 0.1% in 2013, down from a May projection of 1%. In Greece on Wednesday, the coalition government of Prime Minister Antonis Samaras is looking for parliamentary approval of austerity measures needed for the nation to get its next round of rescue funds.
At the MCX, gold prices for December delivery closed lower by Rs 67 (0.2%) at Rs 31,206 per ten grams. Prices rose to a high of Rs 31,444 per 10 grams and fell to a low of Rs 31,022 per 10 grams during the day's trading.
At the MCX, silver prices for December delivery closed lower by Rs 658 (1.1%) at Rs 59,252/Kg. Prices opened at Rs 60,000/kg and fell to a low of Rs 58,385/Kg during the day's trading.