Non-ferrous metals prices on LME witness uptrend barring aluminium

Prices of non-ferrous metals on the London Metal Exchange (LME) depicted uptrend except aluminium. Three-month aluminium futures fell by 0.9% to $2,180/t, nickel prices went up by 0.3% to $18,602/t, copper prices rose by 0.3% to $7,976/t, zinc prices remained stable at $2,446/t and lead prices gained by 1.5% to $2,073/t. Similarly, metal stocks in LME-registered warehouses also witnessed mixed trends.

COMEX market

Copper prices on the Commodity Exchange (COMEX) rose marginally by 0.3% to reach $7,875/t from $7,853/t on the last trading day.

India's non-ferrous market

As the third week of October 2023 commenced, the Indian aluminium scrap market remained steady yesterday. Buyers chose to stay on the sidelines, monitoring notable players' price adjustments, while sellers refrained from reducing their prices, resulting in a market that lacked significant movement.

Copper prices in the local market remained relatively stable, as buyers proceeded cautiously due to the ongoing influence of weak global demand, which kept price pressure intact.

Global updates

UK average earnings grow 7.8% in August

In the UK, average earnings grew by 7.8% y-o-y for the three months ending in August, slightly below economists' expectations. This growth, while significant, represents a slowdown from the previous record-high rate of 7.9% in the three months ending in July. Total pay, including bonuses, increased by 8.1% over the same period. However, considering the 6.7% consumer price inflation in August, the real-terms increase in pay was relatively modest.

Bank of Korea expected to keep rates unchanged

The Bank of Korea is expected to maintain its key policy rate unchanged at 3.50% on 19 October, with all 49 economists polled predicting this decision. Despite rising inflation, the central bank is unlikely to resume rate hikes and instead expects inflation to cool by year-end. A hawkish stance may be retained. The South Korean economy, affected by a cumulative 300 basis points of rate hikes, is witnessing slowing growth and financial stress.

ALRO S.A. invests $15 million for sustainability

ALRO S.A., a prominent European aluminium producer, has approved $15 million in investment projects to enhance sustainability and competitiveness. Initiatives include a photovoltaic power station, fume treatment plant expansion, and equipment for product portfolio development. ALRO's investment programme has exceeded $885 million over two decades, focusing on advanced technology, operational efficiency, and environmental protection. The company aims to become more sustainable and competitive in the aluminium industry, as per secondary sources.

Oil prices steady

Brent oil futures went up marginally by 0.06% to $89.70 per barrel. Crude oil WTI futures dipped by 0.16% to $86.52 per barrel, at the time of reporting.

Natural gas prices drop

Prices of natural gas were recorded at $3.115/MMBtu, up by 0.19% at the time of publishing this report.

Dollar index

The dollar index, which gauges value of the greenback in a basket of six different currencies, hovered at 106.35, witnessing a slight rise of 0.11%, at the time of reporting.

The rupee was recorded at 83.26 against the dollar, depreciating by 0.01% against the previous closing.