LME non-ferrous metals prices edge up

Prices of non-ferrous metals on the London Metal Exchange (LME) witnessed an uptrend in the last trading session. Three-month aluminium futures inched up by 1.5% to $2,199/t, nickel prices went up 1.5% to $19,418/t, copper prices edged up by 0.3% to $8,222/t, zinc prices rose by 1.9% to $2,562/t, and lead prices increased by 1.4% to $2,214/t. Metal stocks in LME-registered warehouses fell d-o-d.

India's aluminium scrap market remained stable. Tense scrap prices stood at INR 154,000-156,000/t. Indicatives for extrusion 6060 and 6061 mix scrap were at INR 176,000/t ex-Delhi (excluding GST), down INR 1,000/t d-o-d. Sources said that the market lacks clarity on extrusion prices due to bearish demand last week.

Global update

Minera Valle Central (MVC), a mine operated by Amerigo Resources located near Rancagua, Chile, has successfully restored regular production operations. This achievement came after the removal of an impressive 2.2 million square metres of water from the historical Cauquenes tailings deposit. The excessive water buildup in Cauquenes was a result of substantial and prolonged rainfall that occurred in the region between 19 August and 10 September.

Spectro Alloys is investing $71 million to expand its Rosemount campus, adding new equipment for recycling aluminum. This will help sort and melt post-consumer scrap aluminum into different alloys, meeting the demand for sustainable products and boosting recycling rates in Minnesota. The project will begin in 2024 and be operational by 2025.

Oil prices up

Brent oil futures went up slightly by 0.61% to $93.84 per barrel. Crude oil WTI futures inched up by 0.50% to $90.48 per barrel, at the time of reporting.

Natural gas prices up

Prices of natural gas were recorded at $2.631/MMBtu, up 0.23% at the time of publishing this report.

Dollar index

The dollar index, which gauges value of the greenback in a basket of six different currencies, hovered at 105.61, witnessing a slight rise of 0.03%.