Non-ferrous metals prices edge down d-o-d

With the exception of nickel, non-ferrous metals prices on the London Metal Exchange (LME) showed negative trends. The three-month futures contracts for aluminium edged down by 1.3% to $2,241/t, nickel inched down by 2.3% to $22,503/t, and copper fell by 0.30% to $8,540/t. Lead fell by 0.4% to $2,133/t. However, zinc fell by 1.7% to $2,437/t.

The US market remained closed yesterday on account of a public holiday.

China's one-year Loan Prime Rate, which serves as a benchmark for corporate loans, was reduced from 3.65% to 3.55%, while the five-year LPR, which is used to price mortgages, was cut from 4.3% to 4.2%, as per latest reports.

India: Non-ferrous scrap market

India's domestic copper prices inched down by 0.4% yesterday. Copper futures fell to $8,551/t, down by 0.18%. The pressure on copper prices was partly due to sluggish and range-bound movement of the LME and the observance of a public holiday in the US.

Aluminium scrap prices remained almost range-bound with a slight decline recorded yesterday as against 16 June, which was influenced by the 1.5% decline in aluminium futures on the LME. Transaction levels were low-to-moderate.

India's non-ferrous auctions update

• Dakshinanchal Vidyut Vitran Nigam Ltd. will auction 223 t of aluminium scrap on 23 June, while Sterlite Power Transmission Ltd. will auction around 100 t of aluminium dross on the same day.
  
  
• SAIL-Rourkela Steel Plant (RSP) has scheduled an auction for sale of 89 t of zinc ash also on 23 June.
  
  

Oil prices down

Brent oil futures inched down by 0.35% to $75.82 per barrel today. Similarly, crude oil WTI futures also fell by 1.38% to $70.76 per barrel.

Natural gas prices up

Prices of natural gas were recorded at $2.655/MMBtu at the time of publishing this insight, up 0.87% as against the last closing.

Dollar index

The dollar index, which gauges the value of the greenback in a basket of six different currencies, hovered at 102.52. The index remained largely stable as against the last session.

The rupee was recorded at 81.13 against the dollar, depreciating 0.80 paise against the last closing.