Non ferrous metals prices move down d-o-d

Non ferrous metals prices on all major exchanges remained negative in the last trading session on 2 March, 2023.

Three-month contract prices on the London Metal Exchange (LME) witnessed downward movement in the last session. Aluminum prices inched down by 1.3%, zinc fell by 2.2% and lead was down by 0.7%, copper inched down by 1.6%, while nickel was down by 2.0%.

MCX futures prices mostly opened at lower levels today. Nickel opened almost stable at INR 1,896/kg, lead down by 0.44% to INR 182/kg and copper increased by 0.56% to INR 767/kg. Aluminium inched up by 0.52% to INR 210/kg, while zinc was up by 0.68% to INR 270/kg.

US data

Non farm business sector labour productivity increased by 1.7% in the fourth quarter of 2022, the US Bureau of Labor Statistics reported recently, as output increased by 3.1%.

The US jobless rate inched down by 1.7 percentage points from the previous to 3.6%. Meanwhile, the national employment population ratio rose by 1.6 points to 60%.

Copper armature scrap and rods prices in Delhi were positive in the last trading day. The gradual increase in buying inquiries from China has bolstered market sentiment, which is also being reflected in the domestic market. Sources predicted that prices will remain elevated in the near future.

Aluminium scrap prices in India stayed steady on 2 March, 2023. Sources noted a rise in the supply of tense in the northern region market, suggesting that primary players may soon reduce prices owing to fluctuations in the exchange market.

Oil prices inch up

Brent oil futures inched up by 0.20% to $84.51 per barrel. Crude oil WTI futures inched up by 0.20% to $77.93 per barrel.

Prices of natural gas were recorded at $2.811/MMBtu at the time of publishing this insight. Prices of natural gas decreased by 0.6% as against the last closing.

Dollar index

The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered around 104.86 at the time of publishing this insight. The index inched down by 0.16% against the last session.

The rupee was recorded at 82.34 against the US dollar, appreciating 0.24 paise as against the previous closing.