Non-ferrous metals prices show mixed trend

Non-ferrous metals prices on all major exchanges were volatile in the last trading session on 2 February, 2023.

Three-month contract prices on the London Metal Exchange (LME) were mostly in negative terrain. Aluminum prices fell by 0.7%, zinc was up 1%, lead decreased by 0.2%, copper edged down by 0.4%, and nickel up by 1.7%.

MCX futures prices remained volatile. Nickel was down 3.4% at INR 2,430/kg, lead decreased by 0.2% to INR 185.75/kg, copper fell by 0.5% to INR 776.6/kg, aluminum was up 0.1% to INR 225.2/kg, while zinc was up 1.5% to INR 294.2/kg.

India

India's copper market saw a marginal rise in prices d-o-d yesterday. Demand for scrap improved slightly in the local markets. However, sources believe that near-term prices may remain volatile.

India's domestic aluminium scrap prices remained stable d-o-d yesterday. The price hike by major primary producers seemed not to have impacted local prices.

Oil prices fall

Brent oil futures fell 1% at $81.95 per barrel, while crude oil WTI futures decreased by 0.80% to $75.64 per barrel.

Prices of natural gas were recorded at $2.446 at the time of publishing this article, a fall of 0.9% as against the last closing price.

Dollar index

The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at around 101.84 at the time of publishing this report, up 0.09% as against the last session.

The rupee was recorded at 82.25 against the US dollar, depreciating 0.5 paise against the previous closing.