LME non-ferrous metals witness mixed price movements

Non-ferrous metals prices on the London Metal Exchange (LME) witnessed mixed trends. Three-month aluminium futures increased marginally by 0.1% to reach $2,204/t, while nickel fell 2.4% to $20,769/t, copper inched down by 0.3% to $8,452/t, zinc prices dipped by 0.5% to $2,372/t and lead prices moved up by 1.5% to $2,139/t. Meanwhile, the stocks at LME warehouses remained on the higher side.

COMEX market

Copper prices on the Commodity Exchange (COMEX) witnessed a decrease of 1% to reach $8,381/t from $8,425/t in the last trading day.

India: Non-ferrous scrap markets

Aluminium market

The Indian domestic aluminium scrap market showed resilience as on 21 July 2023, with participants purchasing material in limited quantities according to their specific requirements.

Copper market

Indian domestic copper prices remained steady as on the last trading day, with the market starting to pick up gradually. Additionally, there were reports of mixed motor offers from the US at $1,120/t, CIF Mundra. This price was noted to be $20-30 per tonne higher compared to the previous week.

Global updates

U.S. state unemployment rates in Jun'23

According to the U.S. Bureau of Labour Statistics, in June 2023, unemployment rates were lower in 11 states and stable in 39 states and the District of Columbia. Non-farm payroll employment increased in 5 states, decreased in 2 states, and remained unchanged in 43 states and the district. New Hampshire and South Dakota had the lowest jobless rates at 1.8% each, while Nevada had the highest rate at 5.4%. Over the year, 22 states had lower unemployment rates, with Maryland and Massachusetts showing the largest decreases. Eight states and the District of Columbia experienced rate increases from June 2022.

Oil prices down

Today, oil prices softened as traders awaited rate hike signals from the U.S. and European central banks. Tightening supply and prospects of Chinese stimulus supported brent at $80 per barrel.

Brent oil futures inched down 0.16% to $80.94 per barrel. Crude oil WTI futures fell marginally by 0.17% to $76.94 per barrel.

Natural gas prices inch down

Prices of natural gas were recorded at $2.690/MMBtu, down 0.85% at the time of publishing this insight.

Dollar index

The dollar index, which gauges the value of the greenback in a basket of six different currencies, hovered at 101.05, witnessing a slight drop of 0.02%.

The rupee was recorded at 81.97 against the dollar, appreciating marginally by 0.07% against the last closing.