LME non-ferrous metals prices edge up d-o-d barring nickel

Non-ferrous metals prices on the London Metal Exchange (LME) witnessed an upward trend today. Three-month aluminium futures climbed 1.9% to $2,278/t, while nickel fell 1.8% to $21,294/t. Copper rose 2.3% to $8,694/t, zinc prices inched up by 2.2% to $2,479/t, and lead prices increased by 2% to $2,127/t.

Amid the uptrend in non-ferrous metals prices, major base metals stocks at LME warehouses declined. Particularly, copper stocks continued their downward trajectory, dropping 0.4% to 54,225 t.

India: Non-ferrous scrap markets

Aluminium

Maruti Suzuki India Limited (MSIL), India's largest automobile manufacturer and consumer of aluminium, has released its monthly settlement prices of aluminium ADC12 alloy ingots for July at INR 204,000/t. These prices are down by INR 2,900/t m-o-m compared to its June settlement prices of INR 206,900/t. According to market participants, lower demand and subdued exports, especially to Japan, prompted the auto major to lower settlement prices.

India's domestic aluminium scrap prices increased up to 1.8% d-o-d today following an uptick in LME futures by 2% to $2,281/t. Stocks at LME warehouses fell to a three-month low of 528,100 t yesterday. This lent support to domestic aluminium prices.

Copper

Copper prices rose marginally by up to 0.7% d-o-d yesterday as against the last trading day. Stocks at LME-registered warehouses fell to their lowest level since April of 54,450 t.

Zinc

India's special high-grade zinc prices increased w-o-w to INR 223,000/t amid moderate transactions. Hindustan Zinc has kept prices firm at INR 230,900/t. However, demand is expected to improve in the near term.

Global updates

ALRO, one of the largest vertically integrated aluminum producers in Europe, inaugurated the second stage of its Eco Recycling Facility in Slatina, Romania. The new recycling area includes a $11 million investment in technology and environment protection equipment.

US producer prices barely rose in June from a year earlier, another sign of cooler inflation that will likely comfort Federal Reserve officials. The producer price index for final demand rose 0.1% from a year earlier, the smallest advance since 2020, according to data from the Bureau of Labor Statistics.

Oil prices rise

Brent oil futures moved up by 1.51% to $81.51 per barrel. Crude oil WTI futures rose 1.20% to $76.90 per barrel.

NG prices inch up

Prices of natural gas (NG) were recorded at $2.552/MMBtu, up by 0.28% 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 99.75.

The rupee was recorded at 82.07 against the dollar, largely firm against the last closing.