Non-ferrous metals prices on LME depict positive trends

Prices of non-ferrous metals on the London Metal Exchange (LME) witnessed an upward trend. Over a three-month period, aluminum futures increased by 0.8% to reach $2,222/t, nickel experienced a rise of 2.8% to reach $22,307/t, copper saw a gain of 1.09% to reach $8,662/t, zinc prices rose 1.8% to reach $2,497/t, and lead prices remained stable at $2,158/t. The stocks in the LME registered warehouse for all base metals remained volatile.

COMEX market

Copper prices on the Commodity Exchange (COMEX) witnessed an increase of 1% to reach $8,611/t from $8,514/t in the last trading day.

India: Non-ferrous scrap markets

Aluminium market

On the last trading day of 28 July 2023, the prices of Indian domestic aluminium scrap showed no significant changes, staying steady as market participants adopted a cautious stance. Concurrently, the LME aluminium futures also remained mostly stable, providing support to the domestic aluminium prices in India.

Copper market

Today, the prices of Indian domestic copper remained relatively stable, with moderate transactions taking place. The sluggish market movement can be attributed to heavy rainfall in North India, which is expected to limit price fluctuations in the near future.

Global updates

China's non-manufacturing PMI declines in July 2023

In July 2023, China's NBS Non-Manufacturing PMI declined to 51.5 from the previous month's 53.2, indicating slower growth in the services sector. New orders and foreign sales contracted for the third consecutive month, while employment weakened for the fifth straight month, impacting business sentiment. Input costs increased, and selling prices fell slightly.

Oil prices inch down

Brent oil futures dipped 0.7% to $84.40 per barrel. Crude oil WTI futures inched down by 0.38% to $80.27 per barrel.

Natural gas prices up

Prices of natural gas were recorded at $2.650/MMBtu, up 0.45% at the time of publishing this insight.

Dollar index

The dollar index, which gauges value of the greenback in a basket of six different currencies, hovered at 101.82, witnessing a slight rise of 0.2%.

The rupee was recorded at 82.26 against the dollar, remained largely stable against the last closing.