Non-ferrous metals prices on LME display mixed trend

Apart from lead, prices of all other non-ferrous metals on the London Metal Exchange (LME) witnessed mixed trends, as per SteelMint assessment. Three-month aluminium futures inched up by 1.4% to $2,220/t, nickel prices dropped 0.2% to $19,877/t, copper prices edged down by 0.5% to $8,359/t, zinc prices gained 0.9% to $2,542/t, and lead prices edged down by 0.6% to $2,247/t. Similarly, metal stocks in LME-registered warehouses witnessed fluctuations.

COMEX market

Copper prices on the Commodity Exchange (COMEX) dipped 1% to reach $8,293/t from $8,359/t on the last trading day.

India: Non-ferrous scrap markets

The aluminum scrap market in India remained stable yesterday compared to closing prices last week. Market participants informed that even though there was lacklustre demand for aluminum scrap, the supply of scrap continued to be restricted.

On the other hand, India's copper prices dipped 1% d-o-d yesterday amid drop in futures. However, trade activities remained low.

Global updates

September HMI drops

In September, the NAHB/Wells Fargo Housing Market Index (HMI) declined to 45, below the expected 50, from August's 50. This drop followed a six-point decrease in August. Rising mortgage rates above 7% have impacted builder sentiment, while supply shortages, labour issues, and insurance costs continue to hinder the housing market.

Malaysia's trade plummets in Aug'23

In August 2023, Malaysia's total trade shrank by 19.8% y-o-y, with exports and imports declining by 18.6% and 21.2%, respectively. Trade surplus increased by 0.1%. Compared to July, all these figures also decreased. For the January to August period, exports, imports, total trade, and trade surplus dropped by 7.6%, 8.6%, 8.1%, and 2.0%, respectively.

China's economy shows steady recovery

In August, China's economy, guided by the CPC Central Committee, pursued stability and high-quality development. Industrial production grew by 4.5%, services by 6.8%, and retail sales increased by 4.6% y-o-y. The manufacturing sector, particularly equipment manufacturing, saw robust growth. The services sector, including modern service industries, demonstrated a strong momentum. Retail sales of consumer goods rose, with online sales also performing well. Overall, China's economy showed signs of accelerated recovery and steady progress.

Oil prices rise

Today, oil prices increased for the fourth consecutive day driven by concerns over supply shortage due to reduced shale oil production in the US coupled with extended production cuts by Saudi Arabia and Russia.

Brent oil futures went up slightly by 0.55% to $94.95 per barrel. Crude oil WTI futures inched up by 1.09% to $92.48 per barrel, at the time of reporting.

Natural gas prices down

Prices of natural gas were recorded at $2.725/MMBtu, down 0.11% at the time of publishing this report.

Dollar index

The dollar index, which gauges value of the greenback in a basket of six different currencies, hovered at 105.19, witnessing a slight dip of 0.01%, at the time of reporting.

The rupee was recorded at 83.29 against the dollar, depreciated marginally by 0.1% from the last closing.