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Base metal prices on LME display positive trends

Prices of non-ferrous metals on the London Metal Exchange (LME) witnessed uptrends. 3-month aluminium futures inched up by 0.3% to settle at $2,231/tonne (t), nickel pric...

Aluminium
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15 Nov 2023, 12:01 IST
Base metal prices on LME display positive trends

Prices of non-ferrous metals on the London Metal Exchange (LME) witnessed uptrends. 3-month aluminium futures inched up by 0.3% to settle at $2,231/tonne (t), nickel prices rose by 1.5% to $17,487/t, copper prices edged up by 0.8% to $8,158/t, zinc prices moved up by 0.2% to $2,554/t and lead prices rose by 1.1% to $2,201/t. However, metal stocks at LME-registered warehouses witnessed varied trends.

India's non-ferrous market

The non-ferrous metal market in India stayed within a limited range on the last trading day, largely influenced by the concluded Diwali holidays. Market participants are optimistic about potential price increases in the coming days. However, trading activities remained subdued during this period.

Global updates

Australia has announced that China may remove all remaining trade restrictions by next month, citing improved relations following Prime Minister Anthony Albanese's recent visit to Beijing. The Australian government, in office since last year, claims credit for repairing ties, with China already lifting most trade blocks imposed during a 2020 diplomatic dispute over Australia's call for a COVID-19 origin inquiry.

China's industrial output grew 4.6% in October y-o-y, accelerating from the 4.5% pace seen in September, data from the National Bureau of Statistics (NBS) showed on Wednesday, beating expectations for a 4.4% increase in a Reuters poll. It also marked the strongest growth since April. Retail sales rose 7.6% in October with improvement in both auto and restaurant sales growth, quickening from a 5.5% gain in September and hitting the fastest pace since May.

The third quarter revealed a 2.1% contraction in the gross domestic product (GDP) of the world's third-largest economy Japan, according to government data released on Wednesday. This decline surpassed the market's median forecast, which anticipated an annualized 0.6% fall. This contraction followed a previous quarter expansion of 4.5%.

China's property market continues to face challenges as property sales by floor area saw a 7.8% y-o-y decline in January-October, slightly higher than the 7.5% drop recorded in the first nine months of 2023. The data indicates that the property sector in China has yet to recover from its slump. Additionally, property investment in the first 10 months of 2023 decreased by 9.3% compared to the same period a year earlier, following a 9.1% drop in January-September, according to the National Bureau of Statistics (NBS).

Oil prices gain

Brent oil futures went up slightly by 0.35% to $82.75 per barrel. Crude oil WTI futures inched up by 0.31% to $78.50 per barrel, at the time of reporting.

Natural gas prices down

Prices of natural gas were recorded at $3.091/MMBtu, down by 0.48% 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 104.04, slightly up against the last closing.

The rupee was recorded at INR 83.09 against the dollar, appreciated marginally against the previous closing.

15 Nov 2023, 12:01 IST

 

 

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