Non-ferrous metals prices continue to show negative trends
Non-ferrous metals prices on the London Metal Exchange (LME) continued the downtrend on 25 April, 2023. The three-month aluminium futures contract inched down by 1.9% to ...
Non-ferrous metals prices on the London Metal Exchange (LME) continued the downtrend on 25 April, 2023. The three-month aluminium futures contract inched down by 1.9% to $2,335/t. Zinc prices were down by 2.6% to $2,600/t. Lead prices edged down by 1.7% to $2,106/t. Nickel prices fell by 5% to $23,341/t. Copper futures inched down by 2.3% to close at $8,528/t.
Australian Consumer Price Index
In March 2023, the year-on-year (y-o-y) increase in Australia's monthly Consumer Price Index (CPI) was 6.3%, which was a decrease from the 6.8% rise observed in February 2023. This figure was also lower than the market anticipation of 6.5%. The decrease represented third consecutive month of declining annual inflation and marked the "slowest rate of growth" since May 2022. Primary factors contributing to this deceleration were slower price increases in housing and transportation sectors.
India
The demand for aluminium scrap has been lacklustre in recent days, especially among small and medium-sized ingot producers, due to volatility of futures. Additionally, there has been a reduction in production levels caused by a shortage of manpower. As a result, prices are anticipated to remain depressed in the near future.
Similarly, India's copper market is witnessing limited buying enquiries and prices are expected to remain lower in the near term.
Brent oil futures were down by 1.59% to $81.4 per barrel. Crude oil WTI futures were down by 1% to $77.75 per barrel. Prices of natural gas were recorded at $2.271/ MMBtu at the time of publishing this insight, up by 1.6% 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 101,64. The index inched up by 0.34% against last session. The rupee was recorded at 81.91 against dollar. The rupee remained almost stable against its previous closing.
