Non-ferrous metals prices remain volatile d-o-d

Prices of non-ferrous metals on the London Metal Exchange (LME) showed mixed trends d-o-d. Aluminium's three-month futures contracts decreased by 0.5% to $2,230/t, nickel dipped by 2.1% to $22,039/t, while copper saw a slight increase of 0.09% to $8,548/t. Zinc experienced a 3.2% drop to $2,359/t, while lead gained 0.5% to reach $2,144/t.

COMEX market

Copper prices on the Commodity Exchange market (COMEX) stood steady at $8,557/t from the previous trading day.

Major global happenings

UK: Producer price inflation slows down

In May 2023, producer input prices rose by 0.5% compared to a 4.2% increase in April 2023. Similarly, producer output prices rose by 2.9% in May, down from a 5.2% rise in April. Crude oil and petroleum products contributed significantly to the decline in input and output inflation rates. Despite slowing annual inflation rates, the index levels for input and output prices have remained relatively stable since June 2022. Input prices fell by 1.5% m-o-m and output prices by 0.5% in May 2023.

EU's car market shows growth

The EU's largest car markets, including Italy (+23.1%), Germany (+19.2%), and France (+14.8%), experienced growth. From January to May 2023, the EU car market saw an 18% increase with 4.4 million registered cars. However, year-to-date sales remain 23% lower compared to the same period in 2019. Significant gains were observed in Spain (+26.9%), Italy (+26.1%), France (+16.3%), and Germany (+10.2%).

India: Non-ferrous scrap market

India: Imported aluminium scrap prices volatile

Imported aluminium scrap prices in India experienced volatility, with some grades rising up to $60/t while others declined by up to $30/t. Market sentiment varied as suppliers hesitated to offer discounts while buyers adjusted bids based on metal futures.

Domestic aluminium tense price remained steady compared to the previous trading day. However, utensil prices dropped due to weak demand.

Copper prices inch down

Domestic copper prices fell by 0.6% d-o-d. Meanwhile, copper futures on the LME remained range-bound. Despite the decline in prices, the market saw an uptick in transactions fuelling expectations of a likely hike in prices.

Oil prices up

Brent oil futures as of today inched up by 0.13% to $76 per barrel. Similarly, crude oil WTI futures also rose by 0.20% to $71.32 per barrel.

Natural gas prices drop

Prices of natural gas were recorded at $2.483/MMBtu at the time of publishing this insight, down 0.32% as against the last closing.

Dollar index

The dollar index, which gauges value of the greenback in a basket of six different currencies, hovered at 102.63. The index remained largely stable with a slight rise of 0.09% against the last session.

The rupee was recorded at 82.07 against the dollar, depreciating marginally by 0.1% against the last closing.