Non-ferrous metals prices show mixed trends

Non-ferrous metals prices on the London Metal Exchange (LME) fell in the last trading session on 16 March, 2023.

Three-month contract prices of aluminum futures inched down by 0.2%, zinc prices were down by 0.3%, lead inched down by 0.1% and nickel increased by 1%. Copper futures inched up by 0.2%.

India

India's domestic aluminium scrap prices remained stable d-o-d yesterday. Furthermore, scrap prices were stable though the primary aluminium makers reduced ingots prices. Indian copper prices decreased yesterday amid fall in LME futures. In addition, sellers remained cautious, although there are no concerns about scrap availability at the moment.

ECB raises interest rates by 0.5%

The European Central Bank (ECB) announced Thursday with a planned 0.5% interest rate hike as the institution juggles both inflation and financial uncertainty amid turmoil that has gripped financial markets after the recent collapse of the Silicon Valley Bank (SVB) in the US.

Oil prices inch up

Brent oil futures inched up by 2.40% to $75.34 per barrel. Crude oil WTI futures inched up by 3% to $68.96 per barrel.

Prices of natural gas were recorded at $2.512/MMBtu at the time of publishing this insight, down by 1.3% as against the last closing.

Dollar index

The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at 104.07 at the time of publishing this insight. The index inched down by 0.34% against the last session.

The rupee was recorded at 82.48 against the US dollar, appreciating 0.20 paise as against the previous closing.