Non ferrous metals prices show mixed trend

Non ferrous metals prices on all major exchanges were volatile in the last trading session on 30 January, 2023.

Three-month contract prices on the London Metal Exchange (LME) mostly fluctuated. Aluminum prices fell by 1.4%, zinc was up 1%, lead decreased by 1.1%, copper edged down by 0.6%, and nickel rose by 1.1%.

MCX futures prices remained mostly in negative territory. Nickel was firm at INR 2,451/kg, lead decreased by 0.5% to INR 186.60/kg, copper fell by 0.2% to INR 782.15/kg, aluminum was down 1% to INR 222.9/kg, while zinc was stable at INR 298.95/kg.

China's official manufacturing PMI data will be announced today, which will have a certain impact on market expectations.

Japan's housing stats unexpectedly fell by 1.7% year-on-year in December 2022, missing market forecasts of a 0.5% rise and following a 1.4% fall in the prior month.

India

Domestic copper scrap prices decreased by up to 0.6% d-o-d yesterday amid a drop in LME futures. Market participants are hopeful of a near-term rise in prices amid low stocks at LME warehouses. India's domestic aluminium scrap prices across grades remained stable d-o-d yesterday. The market is currently in wait-and-watch mode ahead of the General Budget on 1 February.

Oil prices down

Brent oil futures fell by 1.26% to $84.85 per barrel, while crude oil WTI futures decreased by 2% to $77.54 per barrel, as per latest updates.

The prices of natural gas were recorded at 2.705 at the time of publishing, a drop of 5% 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 102.30 at the time of publishing this report, up 0.02% against the last session.

The rupee was recorded at 81.70 against the US dollar, almost stable against the previous closing.