Non-ferrous metals prices on LME show mixed trends d-o-d

Prices of non-ferrous metals on the London Metal Exchange (LME) witnessed fluctuations. Three-month aluminium futures inched down by 0.9% to $2,193/t, nickel prices remained steady at $21,039/t, copper moved up slightly by 0.4% to $8,487/t, zinc prices edged down by 0.3% to $2,472/t, and lead prices gained by 0.4% to $2,233/t. Meanwhile, metal stocks in LME-registered warehouses witnessed mixed trends.

COMEX market

Copper prices on the Commodity Exchange (COMEX) gained 0.6% to reach $8,447/t from $8,396/t on the last trading day.

India: Non-ferrous scrap markets

Aluminium

The Indian imported aluminium scrap market had mixed performance w-o-w due to falling futures. Trading activity was minimal with lesser significant transactions, in contrast to the usual trend. The subdued Indian market was influenced by various factors and lagged behind South Asian and Far East countries in trade activity.

On the other hand, the domestic aluminium market in India saw marginal d-o-d gains, though the situation remained mixed. Sellers increased their offers, but buyers resisted immediate procurement and opted to adopt a wait-and-watch strategy for the upcoming week.

Copper

India's copper market experienced a slight 0.3% d-o-d correction yesterday, mainly driven by the decreasing future prices on the LME and MCX. Additionally, cautious buying was observed as market participants awaited the upcoming holiday related to the G20 Summit in Delhi.

Global updates

Australia's Q2 2023 economic overview

Australian GDP rose 0.4% in Q2 2023 and 3.4% over the fiscal year. GDP per capita fell 0.3%. Investment increased in both public and private sectors, while services exports grew 12.1%, driven by travel services. Household spending and savings ratio declined, and prices fell in June.

U.S. manufacturing orders dip in July

New orders in the U.S. for manufactured goods in July decreased by 2.1% to $579.4 billion, following a 2.3% rise in June. Shipments increased by 0.5% to $577.2 billion, and unfilled orders rose by 0.5% to $1,332.0 billion. Inventories increased slightly to $852.5 billion.

Codelco raises $2 billion in bond offering

Codelco successfully placed $2 billion in bonds with yields of 5.966% and 6.331% for 10 and 30-year terms, respectively. The oversubscribed offering received strong investor interest, helping finance key projects and enhance liquidity for the world's top copper producer.

Germany's manufacturing orders fall in July

In July 2023, real manufacturing sector orders in Germany plummeted by 11.7% m-o-m, influenced by a significant drop in aircraft and spacecraft orders following a surge in June. Overall, multiple sectors experienced order declines. Meanwhile, sales in July dropped by 1.0% compared to the previous month.

Zambia returns disputed copper assets to Vedanta

Zambia will return control of Konkola Copper Mines (KCM) to Vedanta Resources, ending a dispute that began in 2019 when authorities seized the mines. Vedanta pledged over $1.2 billion for investments and debt repayment. A new shareholders' agreement is being developed, with details and the reinstatement of the KCM board to be finalised in the next three months.

Oil prices inch down

Brent oil futures were down slightly by 0.01% to $90.03 per barrel. Crude oil WTI futures inched down by 0.03% to $86.61 per barrel, at the time of reporting.

Natural gas prices dip

Prices of natural gas were recorded at $2.557/MMBtu, down 0.97% 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 104.66, witnessing a slight dip of 0.14%.

The rupee was recorded at 83.07 against the dollar, depreciating marginally by 0.24% against the last closing.