Non ferrous metal prices continue to remain volatile d-o-d on all major exchanges

Non ferrous metal metals prices continued the volatile trend on all major exchanges in the last trading session of 11 January, 2023.

Non ferrous metals market performance - 11 Jan

Three-month contract prices on the London Metal Exchange (LME) showed a mixed trend. Aluminium prices increased by 1.9%, zinc up by 1.5%, lead decreased by 0.4%, copper edged up by 2.4%, and nickel down by 1.6%.

Copper prices on LME touched the level of $8,990/t on hopes that Chinese demand will rebound after the country lifted Covid-19 restrictions.

On the Shanghai Futures Exchange (SHFE), copper added 2.08%, aluminium rose 0.71%, lead fell 0.39%, and zinc jumped 0.86%.

In similar vein, on the Multi Commodity Exchange (MCX), futures prices showed a positive trend. Nickel increased by 1.1% to INR 2,377/kg, lead edged up by 0.3% to INR 189/kg, copper rose by 1.6% to INR 769/kg, aluminium was up by 1.3% to INR 214/kg and zinc up by 0.5% to INR 281/kg.

Aluminium tense scrap prices in the India's domestic market rose for the eight consecutive day yesterday. Sources informed that due to the material shortage, prices are on the upside.

LME stock levels decrease

Non ferrous metal stocks at LME-registered warehouses decreased by up to 6.5% in the last trading session. However, stock level of copper remained stable.

Oil prices rise

Brent oil futures rose by 2.7% to $82.72 per barrel while crude oil WTI futures rose by 3.2% to $77.53 per barrel at the time of publishing this report.

Dollar index

The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at around 103.04 at the time of publishing this report, down 0.14% against the last session.

The rupee was recorded at 81.67 against the US dollar, depreciating by 0.64 paise against the previous closing.