Non-ferrous metals prices on LME continue to remain volatile d-o-d

Non-ferrous metals on the London Metal Exchange (LME) displayed mixed trends, with aluminium futures rising by 0.5% and nickel falling by 0.3%, while copper dropped by 0.4%. Zinc gained 1.9%, and lead prices remained steady. Meanwhile, copper prices on the Commodity Exchange (COMEX) market remained largely stable at $8,337/t as compared to the previous trading day.

India: Non-ferrous scrap markets

Aluminium market

The Indian imported aluminium scrap market witnessed price contractions, leading to volatility. Medium-scale importers postponed bookings, seeking stable material-sourcing regions. Domestic aluminium scrap prices declined due to weak demand, with leading market participants offering discounts in specific grades.

Copper market

India's domestic primary copper rods experienced a slight decrease, while copper armature scrap and secondary CC rods remained stable. Trade associates anticipate a potential demand rebound in the near-term.

Global updates

India: Service sector shows weakened growth

India's service sector growth weakened to a three-month low in June but remained resilient, supported by strong demand. India's services PMI fell to 58.5, indicating sustained growth. Employment figures increased, while export growth slowed and prices rose at their quickest pace in nearly six years.

China's services sector growth slows

China's services sector growth slowed in June, reaching its lowest level in five months, as weakening demand impacted post-pandemic recovery momentum. The services PMI fell to 53.9 from 57.1 in May.

Oil prices down amid economic slowdown

Oil prices dropped today due to market sentiment being influenced by concerns about a global economic slowdown. This occurred even after Saudi Arabia and Russia announced their decision to extend and deepen output cuts into August.

Brent oil futures today slightly dropped by 0.39% to $75.95 per barrel. Crude oil WTI futures inched up by 1.7% to $71.02 per barrel.

Natural gas prices up

Prices of natural gas were recorded at $2.776/MMBtu, up by 2.4% 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 103.13. The index inched up by 0.09%.

The rupee was recorded at 82.12 against the dollar, depreciating marginally by 0.18% against the last closing.