Base metal prices and stocks on LME witness mix trends

Prices of non-ferrous metals on the London Metal Exchange (LME) witnessed varied trends. 3-month aluminium futures inched down by 0.1% to settle at $2,263/tonne (t), nickel prices rose by 1% to $18,094/t, copper prices edged down by 0.5% to $8,142/t, zinc prices moved up by 1.6% to $2,610/t and lead prices gained marginally by 0.09% to $2,190/t. Similarly, metal stocks in LME-registered warehouses witnessed mixed trends.

COMEX market

Copper prices on the Commodity Exchange (COMEX) dipped by 1.1% to reach $7,985/t from $8,073/t on the last trading day.

India's non-ferrous market

Aluminium

Aluminium ADC12 alloy ingot prices remained firm at INR 183,000/t, while tense scrap prices also remained largely stable at INR 155,000/t ex Delhi, as per SteelMint's assessment. This stability is attributed to reduced demand due to upcoming holidays. Whereas, imported tense scrap price from the Middle East region contracted by $20/t and recorded at $1,575/t this week.

Copper

Domestic copper prices remained range-bound as of yesterday with buyers procuring small quantities. Subdued sentiments prevailed as holiday approaches keeping prices stable. The prices for copper motors scrap were at $1,090/t, down by $10/t w-o-w with limited demand leading to lower bids.

Global updates

China's CPI contracts in Oct'23

China's consumer prices fell back into contraction and factory-gate deflation persisted in October 2023 as domestic demand struggled, weighing on the outlook for any broader-based recovery in the world's second-largest economy. The consumer price index dropped 0.2% in October from the previous year, as per the data from the National Bureau of Statistics (NBS).

Euro zone retail sales fall in Sept'23 amid weak consumer demand

Euro zone retail sales dipped roughly in line with expectations in September, highlighting weak consumer demand and the prospect of recession. The European Union's statistics office Eurostat reported that retail sales in the 20 countries sharing the euro fell 0.3% m-o-m and by 2.9% y-o-y in September.

LME to hike fees to push OTC trading onto exchange

The London Metal Exchange (LME) has announced that it will raise its trading and clearing fees by an average 13% from the next year, but nearly double charges for OTC (over-the-counter) deals in an effort to force them onto the exchange. The hikes are the first in four years, as the Hong Kong Exchanges and Clearing Ltd owned exchange seeks a balance between boosting flagging volumes and lifting its income amid inflation, as per secondary sources.

Malaysia's wholesale trade sales surge by 6.5% in Sept'23

Wholesale & Retail Trade sales surged 6.5% y-o-y in September 2023, driven by growth across all sub-sectors. Motor Vehicles led the way with 7.0% growth, followed by Wholesale Trade (6.9%) and Retail Trade (5.9%). On a m-o-m basis, sales edged up 0.1%. In terms of volume index, Wholesale & Retail Trade grew 4.5% y-o-y, supported by Motor Vehicles (5.9%), Wholesale Trade (5.7%), and Retail Trade (3.8%).

Oil prices stable

Oil prices were steady today as markets shrugged off deflationary indicators in China and looked for further clues on the status of demand from the world's two biggest oil consumers.

Brent oil futures went up slightly by 0.1% to $79.68 per barrel. Crude oil WTI futures inched up by 0.1% to $75.41 per barrel, at the time of reporting.

Natural gas prices gain

Prices of natural gas were recorded at $3.128/MMBtu, up by 0.71% 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 105.54, slightly down by 0.05%.

The rupee was recorded at INR 83.26 against the dollar, remained stable against the previous closing.