Non-ferrous metals prices show mixed trend

Non-ferrous metals prices on all major exchanges were volatile in the last trading session on 8 February, 2023. On the other hand, the US dollar marked near 83 again.

Three-month contract prices on the London Metal Exchange (LME) were in a volatile terrain. Aluminum prices fell by 1.7%, zinc was down 0.1%, lead up 1%, copper edged down by 0.4%, and nickel up 0.5%.

MCX futures prices remained mostly on downtrend. Nickel was up by 1.7% at INR 2385/kg, lead up at INR 185.10/kg, copper down 0.5% at INR 771.7/kg, aluminum down at INR 218/kg, while zinc was down 2.1% to INR 278/kg.

RBI hikes repo rate

The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) on Wednesday hiked the key policy rate. The Repo rate or the rate at which the RBI lends funds to banks, by 25 basis points to 6.50% in a bid to rein in retail inflation.

India's domestic aluminium scrap prices remained more or less stable d-o-d yesterday amid a drop in LME futures. On the other hand, limited market activities and copper prices in India's domestic market remained stable d-o-d yesterday.

Oil prices rise

Brent oil futures increased by 1.43% at $85.11 per barrel, while crude oil WTI futures increased by 1.40% to $78.43 per barrel.

Prices of natural gas were recorded at $2.422/MMBtu at the time of publishing this article, down 6% 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. It hovered at around 103.32 at the time of publishing this report, down 0.08% as against the last session.

The rupee was recorded at 82.63 against the US dollar, almost stable against the previous closing.