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Base metals prices on LME diverge, Stocks witness downtrend

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Aluminium

BigMint Bureau

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19 Apr 2024, 12:26 IST

Base metals prices on LME diverge, Stocks witness downtrend

Base metals prices on the London Metal Exchange (LME) remained volatile on Thursday, 18 April.

Three-month aluminium futures gained by 0.50% to $2,600/tonne (t), while nickel prices were at $18,210/t (down 0.15%). Copper prices settled at $9,617/t, while zinc edged down by 0.95% to $2,812/t. Lead prices were almost stable at $2,156/t.

COMEX market

Copper prices on the Commodity Exchange (COMEX) inched up by 0.42% to $9,555/t against the previous closing.

India's non-ferrous markets

Aluminium

BigMint's assessment for tense scrap in the domestic market stood at INR 187,000/t. This reflects a slight increase of INR 1,000/t from the previous week's INR 186,000/t, ex-Delhi.

Copper

Domestic copper prices rose by up to 1.3% amid strong demand and bullish sentiments. Armature scrap touched INR 783,000/t and secondary rods, INR 830,000/t, ex-Delhi.

Japan's March core inflation slows

Japan's core inflation slowed in March and an index gauging broader price trends fell below 3% for the first time in over a year, data showed on Friday, as analysts said that yen weakness could complicate the central bank's policy deliberations. The nationwide core consumer price index (CPI), which excludes fresh food items but includes energy items, rose by 2.6% in March from a year earlier, matching median market forecasts.

Oil prices rise

Oil prices rose by $3 per barrel on Friday following reports of Israeli missile strikes on a site in Iran. This has raised concerns about potential disruptions to oil supply in the Middle East. The benchmark contracts surged over $3 initially, then slightly eased. Brent futures had increased by $2.63, or 3%, reaching $89.74 per barrel.

Natural gas prices up

Prices of natural gas were recorded at $1.768/MMBtu, up 1.6%.

Dollar index

The dollar index, which gauges the value of the greenback in a basket of six different currencies, hovered at 106.25, slightly up by 0.09%.