Non-ferrous metals prices show mixed trends

Non-ferrous metals prices on the London Metal Exchange (LME) showed mixed trends on 19 April, 2023. The three-month aluminium futures contract inched up by 0.3% to $2,445/t. Zinc prices edged down by 2.8% to $2,790/t. Lead prices inched up by 0.5% to $2,156/t. Nickel prices edged down by 0.3% to $25,551/t. Copper futures inched down by 0.5% to close at $8,965/t.

Domestic prices of aluminium alloy ingot ADC12 moved up by INR 2,000/t to INR 199,000/t, w-o-w. This uptrend was attributed to moderate transactions among original equipment manufacturers (OEM).

Gujarat-based manufacturers were heard offering alloy ingots at a lower price, which attracted buyers in the northern region. This has resulted in a decrease in demand for alloy ingots from local manufacturers in north India.

Indian domestic copper prices inched down d-o-d yesterday. Copper futures on the LME fell by around $100/t. As a result, prices in the domestic market dipped. However, trade sources anticipate that prices are likely to remain on the higher side.

Oil prices fall, natural gas up

Brent oil futures fell by 2% to $82.24 per barrel. Crude oil WTI futures were down by 1% to $78.21 per barrel.

Prices of natural gas were recorded at $2.207/ MMBtu at the time of reporting, down 14.8% 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 101,84. The index inched down by 0.13% against the last session.

The rupee was recorded at 82.17 against the dollar, almost stable against the previous closing.