Non-ferrous metals prices exhibit mixed trends
Prices of non-ferrous metals on the London Metal Exchange (LME) are witnessing mixed trends. Three-month aluminium futures have decreased by 0.4% to $2,151/t, while nicke...
Prices of non-ferrous metals on the London Metal Exchange (LME) are witnessing mixed trends. Three-month aluminium futures have decreased by 0.4% to $2,151/t, while nickel has fallen by 0.6% to $20,516/t. Copper has increased by 1.6% to $8,315/t, zinc by 2% to $2,388/t, and lead prices have edged up by 2.3% at $2,099/t.
COMEX market
Copper prices on the Commodity Exchange market (COMEX) increased by 2% to $8,249/t from $8,117/t in the last trading day.
India: Non-ferrous scrap markets
Aluminium market
Domestic aluminium scrap prices inched down with Tense prices declining by 0.6% on 30 June, 2023. Utensil prices, however, remained stable. Despite adequate supply, low demand has led to reduced transactions, prompting sellers to consider offering discounts. Nevertheless, prices are anticipated to rise after mid-July.
Copper market
Domestic copper prices stayed stable due to abundant supply and weak demand, reflecting the typical slow period in the market.
India's manufacturing growth firm
India's manufacturing industry maintained strong growth in June, with the Manufacturing Purchasing Managers' Index (PMI) at 57.8, the second-highest reading this year. Although slightly lower than May, the sector demonstrated robust demand despite increased inflationary pressures.
Global updates
Australia: Surge in dwellings and building value
Australia experienced a notable surge in total dwellings approved in May, with a 20.6% increase. Private sector houses saw a modest 0.9% rise, while private sector dwellings, excluding houses, surged by 59.4%. Non-residential buildings increased by 6.6%, new residential buildings by 17.1%, and the overall value of total buildings rose by 11.1%.
Indonesia's May'23 inflation
In May 2023, Indonesia's y-o-y inflation rate stood at 4%, with a Consumer Price Index (CPI) of 114.84. Kotabaru and Timika experienced the highest inflation of 6.04% each, while Pangkal Pinang saw the lowest at 1.93%. Most expenditure groups witnessed price increases, except for information, communication, and financial services groups, which recorded a deflation of 0.27%. The m-o-m inflation was 0.09%. The core component had a y-o-y inflation rate of 2.66% and m-o-m rate of 0.06%.
Oil prices down
Brent oil futures today have dropped by 0.07% to $75.36 per barrel. Crude oil WTI futures also inched down by 0.16% to $70.53 per barrel.
Natural gas prices dip
Prices of natural gas were recorded at $2.702/MMBtu, down 3.43% 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 102.92. The index inched down by 0.41%.
The rupee was recorded at 81.80 against the dollar, appreciating marginally by 0.2% against the last closing.
