Non-ferrous metals prices show mixed trends

Non-ferrous metals prices on all major exchanges remained volatile in the last trading session on 17 February, 2023. On the other hand, the US dollar continued to rise.

Three-month contract prices on the London Metal Exchange (LME) kept on fluctuating in the last session. Aluminum prices inched down 0.3%, zinc was up 1.8%, lead increased by 1.8%, copper down 0.4%, while nickel inched down 2.6%.

MCX futures prices mostly opened at higher levels today. Nickel opened 7% higher at INR 2,450/kg, lead up by 0.14% to INR 182/kg and copper increased by 0.12% to INR 775/kg. Aluminum inched up 0.81% to INR 212/kg, while zinc was up 0.35% to INR 272/kg.

USA PPI data out for January 2023

The Producer Price Index (PPI) for final demand in the US declined to 6% y-o-y in January from 6.5% in December, data published by the US Bureau of Labor Statistics revealed recently. This percentage came in higher than the market expectation of 5.4%, as per reports.

India's WPI data for January

India's Wholesale Price Index (WPI) inflation data for January has been released recently. According to this data, India's wholesale inflation fell again, bringing another relief to a long cycle of rising prices. As per the official updates, the WPI inflation has declined to 4.73%, touching another low vis-a-vis 4.95% in December 2022. This also means that WPI inflation has now touched a 24-month low.

India

Copper armature scrap and secondary copper rods prices in Delhi were range-bound on the last trading day. However, buyers have actively booked primary rods as they are positive about a price hike in the near-term.

India's domestic aluminium scrap prices remained range-bound d-o-d in the last session. Sources informed that there has been selling pressure in the market. Sellers are ready to clear their stock of material even on discounts. Thus, prices may go down in the near-term.

Oil prices inch down

Brent oil futures fell by 1.5% to $83.53 per barrel. Similarly, crude oil WTI futures fell by 2% to $76.77 per barrel.

Prices of natural gas were recorded at $2.192/MMBtu at the time of publishing this article. Prices of natural gas fell by 11% 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 around 103.95 at the time of publishing this report, up 0.09% as against the last session.

The rupee was recorded at 82.72 against the US dollar, almost stable against the previous closing.