Almost all non-ferrous metals prices on LME display downward trend

Except lead, prices of non-ferrous metals on the London Metal Exchange (LME) witnessed a downtrend compared to the last trading day. Three-month aluminum futures have inched down by 1.5% to reach $2,142/t, nickel dipped by 2.3% to $19,780/t, copper dropped 1.1% to $8,199/t, and zinc prices fell by 3.5% to $2,314/t. However, lead prices inched up by 0.5% to $2,121/t. On the other hand, metal stocks in LME registered warehouses witnessed an uptrend, with the sole exception of aluminium.

COMEX market

Copper prices on the Commodity Exchange (COMEX) witnessed a decrease of 0.3% to reach $8,139/t from $8,161/t in the last trading day.

India: Non-ferrous scrap markets

Aluminium

As of 14 August, the domestic aluminum market remained stable. Market players adopted a wait-and-watch strategy due to Independence Day holiday.

Copper

Copper prices in India witnessed a marginal decrease of 0.7% on 14 August. This decline was attributed to a slight reduction in LME rates at the time of reporting. The prevailing cautious sentiment led to a minor dip in the domestic market, prompting traders to adopt a cautious stance.

Global updates

China's real estate and industrial trends

In H1, China's real estate investments dropped 7.9%, with residential building investment down 7.3%. Construction activity decreased by 6.6%, and new starts fell by 24.3%. Commercial building sales declined by 5.3%, while total sales rose 1.1%. Self-raised funds decreased by 23.4%.

Additionally, industrial production in July saw a 3.7% y-o-y growth in value-added for large enterprises, with raw material manufacturing increasing by 8.8%. Mining, manufacturing, and electricity supply grew by 1.3%, 3.9%, and 4.1%, respectively.

Peru's national production declines in Jun'23

In June, Peru's national production declined by 0.56%, aligned with the previous month's trend. Manufacturing, finance, construction, and other sectors saw declines, but mining, hydrocarbons, and related services showed growth. El Nino impact and conflicts affected productivity, while external demand increased.

Oil prices drop d-o-d

Today, oil prices witnessed a slight decline. This can be attributed to the persistent influence of underwhelming economic data from China, which holds the position of the world's largest oil importer. Despite the reduction in U.S. stockpiles, the impact of the Chinese economic data remained the dominant factor affecting the market.

Brent oil futures dipped marginally by 0.4% to $84.55 per barrel. Crude oil WTI futures moved down slightly by 0.3% to $80.67 per barrel.

Natural gas prices dip

Prices of natural gas were recorded at $2.647/MMBtu, down 0.4% at the time of publishing this report.

Dollar index

The dollar index, which gauges the value of the greenback in a basket of six different currencies, hovered at 103.13, witnessing a slight drop of 0.08%.

The rupee was recorded at 83.27 against the dollar, depreciating marginally by 0.37% against the last closing.