Non-ferrous metals prices on LME display uptrend except nickel

Prices of non-ferrous metals on the London Metal Exchange (LME) displayed an uptick except nickel. Three-month aluminium futures inched up by 0.3% to $2,144/t, nickel dipped by 0.1% to $20,119/t, copper moved up marginally by 0.4% to $8,274/t, zinc prices rose by 0.7% to $2,317/t and lead prices increased marginally by 0.7% to $2,165/t. Similarly, metal stocks in LME registered warehouses witnessed mixed trends.

COMEX market

Copper prices on the Commodity Exchange (COMEX) witnessed an increase of 0.3% to reach $8,250/t from $8,226/t in the last trading day.

India: Non-ferrous scrap markets

Aluminium

The domestic aluminium scrap market in India remained stable yesterday amid fluctuations in futures market. As a result, buyers and sellers opted for wait-and-watch approach.

Copper

The Indian copper market saw stability with a slight price rise as of yesterday. LME copper futures held steady at around $8,240/t due to balanced supply and demand. Trading experts expect ongoing price stability, driven by strong demand for finished copper goods.

Global updates

Global copper mine production rises 2% in H1 2023

As per the International Copper Study Group (ICSG), global copper mine production expanded by roughly 2% in the initial half of 2023 (January-June, 2023), primarily attributed to heightened production in mines located in Peru and the Democratic Republic of Congo.

Global aluminium production grows 3% m-o-m in Jul'23

As reported by the International Aluminium Institute (IAI), global aluminum production experienced a 3% m-o-m increase in July 2023.

Oil prices dip

Oil prices declined slightly today as the market remained in anticipation of potential resumption of Iraqi oil exports. Such a development could alleviate the supply constraints resulting from the OPEC+ production cuts. Concurrently, the global demand outlook continued to be dampened by a struggling Chinese economy.

Brent oil futures were down by 0.06% to $84.41 per barrel. Crude oil WTI futures moved down slightly by 0.09% to $80.65 per barrel.

Natural gas prices down

Prices of natural gas were recorded at $2.595/MMBtu, down 1.41% 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 103.16, witnessing a slight drop by 0.13%.

The rupee was recorded at 83.06 against the dollar, appreciating marginally by 0.05% against the last closing.