All non-ferrous metals prices witness uptick, except zinc

All non-ferrous metals prices on the London Metal Exchange (LME) except zinc have witnessed an uptrend. The three-month futures contracts for aluminium increased by 1.2% to $2,231/t, followed by nickel increasing by 2.4% to $21,228/t. Copper inched up by 0.8% to $7,962/t and lead rose by 1.2% to $2,074/t. However, zinc dipped by 1.8% to $2,272/t.

Notably, copper prices dropped below the $8,000/t-mark for the first time since November last year resulting in volatility in the domestic copper market in north India.

US: Declining labour productivity, rising costs

According to the latest report from the US Bureau of Labor Statistics, there was a decline in labour productivity in both wholesale and retail trade in 2022. Wholesale trade decreased by 1.2% while retail trade fell by 0.4%. Additionally, unit labour costs, which measure the overall labour expenses needed to produce a single unit of output, increased in both sectors.

In retail trade, annual productivity decreased for the first time since 2008, as the rate of output decline surpassed the rate of hours worked. As for wholesale trade, annual productivity declined for the first time since 2011, with hours worked growing at a higher pace than output. It is worth noting that wholesale trade saw a consecutive year of growth in both output and hours worked following a decline in 2020.

Singapore: Q1CY'23 GDP drops 0.4%

Singapore's GDP dropped 0.4% in Q1 2023, following a 0.1% increase in the previous quarter. The annualised GDP growth was 0.4%. The Ministry of Trade and Industry maintained its 2023 GDP growth forecast for Singapore at 0.5%-2.5%, with expected growth around the middle point of the range.

India: Non-ferrous scrap market

India's domestic aluminium scrap prices remained stable d-o-d. Price rise announcements by major producers today did not have any major impact on the domestic scrap market.

According to sources, fewer transactions took place yesterday largely due to range-bound futures prices which were assessed at $2,224/t at the time of reporting. Prices fell by $57-60/t w-o-w. As a result, sellers have become increasingly cautious, adopting a wait-and-watch approach to assess the situation.

Copper scrap prices in India remained range-bound. Three-month futures on the London Metal Exchange (LME) showed less volatility. Copper armature scrap prices remained stable, while primary rods prices moved down slightly.

Demand for secondary wire rods has been consistently rising since the middle of this week, effectively reversing the sluggishness witnessed over the past few weeks. This shift in market dynamics has led to a contraction in primary rods prices, driven primarily by buyers' inclination for procuring secondary rods, a trader source informed.

Oil, natural gas prices drop

Brent oil futures decreased by 0.39% to $75.96 per barrel, while crude oil WTI futures fell by 0.17% to $71.71 per barrel.

Prices of natural gas were recorded at $2.277/MMBtu at the time of writing, down 1.3% as against the last closing.

Dollar index

The dollar index, which gauges the value of the greenback in a basket of six different currencies, hovered at 104.06. The index declined by 0.19% against the last session.

The rupee was recorded at 82.72 against the dollar, appreciated marginally by 0.04% against the last closing.