Non-ferrous metals prices on LME remain volatile
Non-ferrous metals prices on the London Metal Exchange (LME) are witnessing a mixed trend. The three-month aluminium futures fell by 0.6% to $2,129/t, while nickel stayed...
Non-ferrous metals prices on the London Metal Exchange (LME) are witnessing a mixed trend. The three-month aluminium futures fell by 0.6% to $2,129/t, while nickel stayed stable at $21,209/t. Copper prices dipped 0.7% to $8,261/t, zinc prices edged up by 0.3% to $2,363/t, and lead prices dropped 0.8% to $2,050/t.
Except lead, stocks of non-ferrous metals in LME-registered warehouse dropped. Meanwhile, copper prices on the Commodity Exchange (COMEX) market dropped 1% to $8,205/t compared to the last trading day.
India: Non-ferrous scrap markets
Aluminium
India's domestic aluminium tense scrap prices edged lower by 0.6% on limited demand. Sellers are holding back sales as prices are expected to continue the downtrend due to weak demand.
Copper
Domestic copper prices have remained range-bound. Nevertheless, there is favourable demand for continuously cast rods. Futures witnessed a marginal decline of 0.50% to reach $8,280/t yesterday at the time of reporting.
Zinc and lead markets
India's domestic special high-grade zinc prices rose marginally by INR 2,000-2,500/t w-o-w. Prices of lead, too, remained range-bound. Demand-supply dynamics in the market are balanced, supporting zinc prices. Furthermore, HZL has hiked zinc ingot prices by up to INR 1,200/t w-o-w which also propped up domestic zinc prices.
Global updates
Aluminium in EU's Critical Raw Materials Act
EU member states have added aluminium to the Critical Raw Materials Act (CRMA) to secure essential resources and enhance competitiveness in global decarbonisation efforts, challenging the United States and China.
Oil prices gain d-o-d
Today, oil prices rose on resilient demand and a larger-than-expected drop in US oil stocks, countering concerns about higher US interest rates.
Brent oil futures today inched up slightly by 0.51% to $76.91 per barrel. Crude oil WTI futures rose by 0.52% to $72.17per barrel.
Natural gas prices up
Prices of natural gas were recorded at $2.639/MMBtu, up by 1.15% 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, stood at 103.03. The index inched down by 0.13%.
The rupee was recorded at 82.67 against the dollar, depreciating marginally by 0.2% against the last closing.
