Non-ferrous metals prices show mixed trends

Non-ferrous metals prices on the London Metal Exchange (LME) showed mixed movements at today's opening session. The three-month aluminium futures contract inched down by 0.71% to $2,325/t. Zinc prices edged up by 0.15% to $2,690/t.

On the other hand, lead prices edged down by 1.4% at $2,101/t. However, in contrast, nickel prices inched up by 2.61% to $24,712/t. Copper futures also inched up by 0.62% to close at $8,634/t.

German industrial production fell more than expected in March, partly due to a weak performance by the automotive sector, spurring recession fears again in Europe's largest economy. Production decreased by 3.4% in the previous month following a slightly revised increase of 2.1% in February, the federal statistical office said on Monday. In a Reuters poll, analysts had pointed to a 1.3% fall.

Malaysia's Industrial Production Index (IPI) improved to 3.1% in March 2023, driven by a 4.1% expansion in the manufacturing sector and a 0.8% rebound in the mining sector.

Australian retail sales volumes during the first quarter of 2023 fell for a second straight quarter, a sign that 'rising interest rates' and the 'high cost of living' are working to curb consumer spending. Data from the Australian Bureau of Statistics on Tuesday showed real retail sales fell 0.6% in the first quarter to A$96.17 billion ($65.23 billion).

Domestic copper armature scrap prices remain stable. Finished prices inched up 0.4% yesterday. Buying enquiries for finished material picked up after remaining slow in last week. However, moderate transactions were heard.

India's domestic aluminium scrap market prices continued to remain steady. However, trade was moderate with buyers awaiting the P1020 ingots price announcement by major players.