Non-ferrous metals prices show downtrend d-o-d

Non-ferrous metals prices on the London Metal Exchange (LME) displayed a negative trend. The three-month futures contracts for all base metals showed notable losses. Aluminium prices edged up 0.2% to reach $2,283/t, while nickel prices fell by 1.9% to $20,934/t. Copper prices experienced a significant decrease of 1.6% and reached $8,172/t. Zinc prices also witnessed a fall of 2.6% to settle at $2,459/t. Meanwhile, lead prices edged up by a modest 0.5% to $2,055/t.

Copper scrap prices in India edged up while aluminium scrap prices remained unchanged yesterday. In the domestic market, prices are weak due to an ample supply and slow demand. Although, a slow recovery has started and is expected to continue in the near-term.

Price cut announcements by major producers today did not have any impact on the domestic aluminium scrap market. Japan's consumer inflation grew at a slightly faster pace in April as companies raised their product prices at the beginning of their business year. Overall consumer prices rose 3.5% from a year earlier in April, compared with a 3.2% increase in March, government data showed Friday.

Oil prices fall, natural gas prices rise

Brent oil futures decreased by 0.85% to $76.5 per barrel. Similarly, crude oil WTI futures fell by 0.40% to $72.41 per barrel.

Prices of natural gas were recorded at $2.598/MMBtu at the time of publishing this insight. Prices were up by 3.5% as against the last closing.

Dollar index

The dollar index, which gauges the value of the greenback in a basket of six different currencies, hovered at 103.57. The index inched down by 0.01% against the last session.

The rupee was recorded at 82.74 against the dollar, depreciating 0.22 paise against the previous closing.