Non-ferrous metals prices decline on LME amid volatile stocks

Non-ferrous metals prices on the London Metal Exchange (LME) witnessed a downtrend. Three-month aluminium futures declined 0.9% to reach $2,255/t, while nickel dropped 2.7% to $21,054/t, copper fell 2.1% to $8,491/t, zinc prices inched down by 1.2% to $2,410/t, and lead prices decreased by 1.1% to $2,099/t.

Amid the downtrend in non-ferrous metals prices, the stocks at LME warehouses remained volatile. However, copper prices continued to ease due to inventory inflow.

COMEX market

Meanwhile, copper prices on the Commodity Exchange (COMEX) witnessed a decrease of 2% to reach $8,447/t from $8,645/t in the last trading day.

India: Non-ferrous scrap markets

Aluminium market

North India's aluminium scrap market stayed bearish due to rainfall impacting trade activities, demand, and supply. Tense scrap prices and utensil prices both (exy-Delhi) remained stable yesterday.

Copper market

Yesterday, domestic copper prices in India declined by up to 1.1%. LME copper futures dropped slightly, impacting domestic prices. Slow demand persisted due to heavy rainfall in the northern region, prices are expected to remain stable.

Global updates

PolyMet mining accepts Glencore's offer

PolyMet Mining Corp has accepted Glencore Plc's $73 million offer for the remaining 18% stake, causing the company's stock to double. PolyMet is collaborating with Teck Resources on a copper-nickel mine in Minnesota.

Oil prices rise

Oil prices ticked higher today as investors focused on the potential tightening of US crude supplies. The previous session saw a decline in prices due to weaker-than-expected Chinese economic growth.

Brent oil futures moved up by 0.2% to $78.66 per barrel. Crude oil WTI futures rose 0.24% to $74.33 per barrel.

Natural gas prices inch up

Prices of natural gas were recorded at $2.542/MMBtu, up by 1.19% 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 99.78, witnessing a marginal drop of 0.06%.

The rupee was recorded at 82.05 against the dollar, appreciating by 0.16% against the last closing.