LME non-ferrous metals prices show mixed trends

Non-ferrous metals on the London Metal Exchange (LME) depicted mixed trends d-o-d. The three-month aluminium futures inched up by 1% to $2,168/t, while nickel was down by 1.5% to $20,704/t, copper dropped by 0.6% to $8,322/t, zinc prices inched up by 0.1% to $2,356/t and the prices of lead dipped by 0.5% and stood at $2,052/t.

The stocks of non-ferrous metals in the LME-registered warehouse witnessed a decrease except lead (up 3.3%) at 45,800 t. Meanwhile, copper prices on the Commodity Exchange (COMEX) witnessed a decrease of 1% and stood at $8,271/t against the previous trading day.

India: Non-ferrous scrap markets

Aluminium market

The Indian imported aluminium scrap market experienced volatile trends, with specific grades witnessing up to $50/t price contraction w-o-w. Global aluminium markets faced volatility with bid-offer disparity of $30-40/t.

The domestic market in northern and southern regions had limited demand. The western region performed well, with stable trade and moderate activity. Some sellers offered discounts of $20-30/t to facilitate inventory liquidation.

Copper market

As of 11 July 2023, the copper market has remained range-bound, with LME levels showing less volatility. Buyers perceive prices to be on the higher side, leading to a cautious sentiment in the market.

Global updates

Japan's machinery orders decline in May'23

In May, the total value of machinery orders received by 280 manufacturers in Japan decreased by 2.9% compared to the previous month, adjusted for seasonal factors. Excluding volatile orders for ships and those from electric power companies, private-sector machinery orders declined by 7.6% on a seasonally adjusted basis.

Rio Tinto, Sumitomo Corporation to construct hydrogen pilot plant

Rio Tinto and Sumitomo Corporation will construct a groundbreaking hydrogen plant in Gladstone, investing $111.1 million to reduce carbon emissions in the alumina refining process.

China's aluminum market faces supply pressure

China's aluminum market is under supply pressure due to rapid restarts in Yunnan. China's 2023 aluminum production is anticipated to reach 41.6 mnt, a 3.3% y-o-y increase. Monthly output may reach record highs in the second half of the year.

Oil prices dip d-o-d

Brent oil futures slightly moved down by 0.09% to $79.33 per barrel. Crude oil WTI futures fell by 0.07% to $74.78 per barrel.

Natural gas prices down

Prices of natural gas were recorded at $2.728/MMBtu, down by 0.11% at the time of publishing this insight.

Dollar index

The dollar index, which gauges value of the greenback in a basket of six different currencies, hovered at 101.35. The index fell by 0.33%.

The rupee was recorded at 82.27 against the dollar, appreciating by 0.12% against the last closing.