LME non-ferrous metals prices trend higher barring copper and lead

Prices of non-ferrous metals on the London Metal Exchange (LME) witnessed an uptrend except copper and lead prices. Three-month aluminium futures inched up marginally by 1.3% to settle at $2,219/t, nickel prices rose by 0.2% to $18,317/t, copper prices fell by 0.2% to $8,032/t, zinc prices edged up by 1.6% to $2,480/t, and lead prices inched down by 1.1% to $2,085/t. Meanwhile, metal stocks in LME-registered warehouses displayed mixed trend.

COMEX market

Copper prices on the Commodity Exchange (COMEX) dipped 1.4% to reach $7,854/t from $7,963/t on the last trading day.

India's non-ferrous market

India's aluminium scrap market remained stable compared to the last closing. Market participants informed that their main concern was shortage of funds, coupled with sluggish local demand. Also, global geopolitical uncertainties have fuelled caution in the market.

Additionally, subdued demand and sufficient availability of tense scrap in the Delhi market kept ADC12 prices stable.

Global updates

Germany Oct'23 PMI

In the month of October, the HCOB Flash Germany Manufacturing Purchasing Managers' Index (PMI) exhibited a noteworthy increase, reaching a five-month high of 40.7. This marks a positive upturn from the previous reading of 39.6 in September.

High interest rates impact EV

The growth of the electric vehicle (EV) industry is facing challenges due to elevated interest rates. Although electric vehicle sales continue to expand, demand is not aligning with the expectations of automakers and businesses that have invested substantial capital in the EV sector, according to secondary sources.

US, EU tariffs on steel and aluminum

The United States has recently declared its plan to prolong the suspension of tariffs on steel and aluminum imports from the European Union (EU). These import tariffs, which were initially implemented by former President Donald Trump, have been temporarily halted by the US for a period of two years starting in January 2022. Specifically, the US has suspended a 25% tariff on EU steel and a 10% tariff on EU aluminum.

Oil prices up

Brent oil futures went up by 1.6% to $89.35 per barrel. Crude oil WTI futures inched up by 1.2% to $84.66 per barrel, at the time of reporting.

Natural gas prices rise

Prices of natural gas were recorded at $3.001/MMBtu, up by 1.2% 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 106.82, slightly up by 0.6%.

The rupee was recorded at 83.23 against the dollar, largely stable against the previous closing.