Non-ferrous metals prices on LME witness uptrend

Prices of non-ferrous metals on the London Metal Exchange (LME) displayed positive trends. Three-month aluminium futures inched up by 1.3% to $2,237/t, nickel gained 3.9% to $21,085/t, copper moved up slightly by 0.9% to $8,500/t, zinc prices edged up by 2.3% to $2,485/t, and lead prices rose by 1.3% to $2,248/t. Meanwhile, metal stocks in LME-registered warehouses witnessed downtrend except copper.

COMEX market

Copper prices on the Commodity Exchange (COMEX) witnessed a decrease of 0.1% to reach $8,396/t from $8,403/t in the last trading day.

India: Non-ferrous scrap markets

Aluminium

At the start of the month, India's aluminum scrap market is experiencing a modest increase in inquiries, along with an uptick in futures prices as of 1 September, 2023.

Copper

Copper prices in India have maintained stability, with the market exercising caution as sellers persistently attempt to raise prices. Traders are anticipating a forthcoming price surge as disruptions caused by the monsoon subside and trade returns to normalcy.

Global updates

July 2023 U.S. construction spending

In July 2023, U.S. construction spending reached an estimated annual rate of $1,972.6 billion, up 0.7% from June and 5.5% from July 2022. Private construction rose to $1,548.9 billion, while public construction slightly dipped to $423.7 billion.

August 2023 U.S. unemployment rates rise

In August, the U.S. added 187,000 non-farm payroll jobs, causing the unemployment rate to rise to 3.8%. Employment growth was observed in healthcare, leisure, hospitality, social assistance, and construction, but transportation and warehousing jobs declined. The number of unemployed individuals increased to 6.4 million.

Oil prices up

Today, oil prices saw a slight increase, boosted by the anticipation that significant producers will maintain supply constraints. Additionally, there is growing optimism that the Federal Reserve will refrain from adjusting interest rates to prevent any negative impact on the U.S. economy.

Brent oil futures were up slightly by 0.07% to $88.61 per barrel. Crude oil WTI futures inched up by 0.14% to $85.67 per barrel.

Natural gas prices dip

Prices of natural gas were recorded at $2.688/MMBtu, down 2.78% 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 104.14, witnessing a slight dip of 0.09%.

The rupee was recorded at 82.84 against the dollar, depreciating marginally by 0.22% against the last closing.