Non-ferrous metals prices continue to drop d-o-d

Non-ferrous metals prices on the London Metal Exchange (LME) showed almost downtrend at the last closing session. The three-month aluminium futures contract inched down by 2.5% to $2,211/t. Zinc prices edged down by 2.9% to $2,548/t.

On the other hand, lead prices edged down by 1.4% at $2,107/t. Similarly, nickel prices were down 3.3% to $21,780/t. Copper also followed the downtrend. Nickel prices were at $21,780/t dropping by 3.3%. Copper futures also inched down by 3.7% to close at $8,163/t.

The Producer Price Index for final demand advanced 0.2% in April, seasonally adjusted, the U.S. Bureau of Labor Statistics reported, recently. Final demand prices fell 0.4% in March and were unchanged in February. On an unadjusted basis, the index for final demand moved up 2.3% for the 12 months ended in April.

Copper scrap prices in India edged down while aluminium scrap prices remained unchanged yesterday.

The price cut announcement by major producers today did not have any impact on the domestic aluminium scrap market.

Copper production in Peru surged in March impacting global market and prices. According to the country's energy and mining ministry, copper production rose by 20.4% compared to the same period last year, reaching a total of 219,275 t.

Oil, natural gas prices drop

Brent oil futures dipped by 2.3% to $74.46 per barrel. Similarly, crude oil WTI futures were also stable at $70.43 per barrel.

Prices of natural gas were recorded at $2.168/MMBtu at the time of publishing this insight, down 4.2% as against the last closing.

Dollar index

The dollar index, which gauges value of the greenback in a basket of six different currencies, hovered at 102.02. The index stood largely stable with a slight drop of 0.04% against the last session.

The rupee was recorded at 82.16 against the dollar, remained almost firm against its previous closing.