Non-ferrous metals prices continue to show mixed trend

Non-ferrous metals prices on all major exchanges were volatile in the last trading session on 31 January, 2023.

Three-month contract prices on the London Metal Exchange (LME) were mostly volatile. Aluminum prices rose by 2.1%, zinc was down 1.7%, lead decreased by 1.1%, copper edged down by 0.1%, and nickel rose by 3.9%.

MCX futures prices remained mostly in volatile territory. Nickel was firm at INR 2,450/kg, lead increased by 0.2% to INR 186.90/kg, copper rise by 0.7% to INR 787/kg, aluminum was up 1.3% to INR 225.9/kg, while zinc was down by 0.9% at INR 296/kg.

India

India's imported aluminium scrap market witnessed a minor downward correction despite inadequate supplies from the overseas markets. Price declines are also being seen in the exchange markets such as the London Metal Exchange (LME).

India's domestic aluminium scrap prices remained range-bound d-o-d yesterday. Trade sources informed that the supply of taint tabor scrap has improved in the domestic market while tense scrap availability continues to remain tight.

Indian domestic copper scrap prices decreased by up to 1.2% d-o-d yesterday amid a fall in LME futures.Meanwhile, market participants were waiting for today's Budget announcement leading to uncertainty.

China PMI data

The official purchasing managers' index (PMI), which measures manufacturing activity, rose to 50.1 in January from 47.0 in December, the National Bureau of Statistics (NBS) showed recently.

Oil prices rise

Brent oil futures was almost firm at $84.50 per barrel, while crude oil WTI futures increased by 2.25% to $79.25 per barrel, as per latest updates.

Prices of natural gas were recorded at 2.769 at the time of publishing, a rise of 3% as against the last closing price.

Dollar index

The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at around 102.10 at the time of publishing this report, almost stable as against the last session.

The rupee was recorded at 81.83 against the US dollar, depreciating 0.13 paise against the previous closing.