Non-ferrous metals prices on LME witness positive momentum

Non-ferrous metals prices on the London Metal Exchange (LME) experienced an upward trend. Three-month aluminum futures rose slightly by 0.2% to reach $2,209/t, nickel surged 3.2% to $21,428/t, copper saw a modest increase of 0.7% to $8,517/t, zinc prices gained 1.9% to $2,417/t, and lead prices moved up by 1.7% to $2,175/t. The base metal market rebounded, possibly influenced by the strong performance of major markets. LME warehouse stocks remained volatile d-o-d.

COMEX market

Copper prices on the Commodity Exchange (COMEX) witnessed an increase of 1% to reach $8,492/t from $8,381/t in the last trading day.

India: Non-ferrous scrap markets

Aluminium market

Due to heavy rains in certain regions of the country, the Indian domestic aluminium scrap market has turned bearish compared to last week's closing, primarily due to demand-driven purchasing.

Copper market

Indian domestic copper prices were down 1.1% yesterday. A recent trade was concluded for two full containers of Denmark-origin copper motor mix (10-10.5%) at $1,150/t CIF Mundra.

Global updates

South Korea's Q2 GDP exceeds expectations

South Korea's economy recorded a 0.6% q-o-q expansion in the second half of 2023 (Q2 2023), showing a faster pace compared to the 0.3% growth in the previous quarter. The figure also surpassed market predictions of a 0.5% expansion surpassing forecasts, mainly driven by trade improvements. Weaker consumer and business spending may prompt the central bank to ease its monetary policy. Despite the headline figure, uncertainties remain due to sluggish Chinese economic growth, affecting exports.

Oil prices rise amid tight supply

Oil prices rose for the third consecutive session today, supported by indications of reduced supplies and reassurances from Chinese authorities about bolstering their economy, which is the world's second-largest.

Brent oil futures gained 0.31% to $83.00 per barrel. Crude oil WTI futures rose marginally by 0.34% to $79.02 per barrel.

Natural gas prices up

Prices of natural gas were recorded at $2.724/MMBtu, up 1.45% 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 101.31, witnessing a slight drop of 0.04%.

The rupee was recorded at 81.75 against the dollar, appreciating marginally by 0.27% against the last closing.