Non-ferrous metals prices show negative trend

Non-ferrous metals prices on all major exchanges were negative in the last trading session on 10 February, 2023. On the other hand, the US dollar marked near 83 again.

Three-month contract prices on the London Metal Exchange (LME) were in a negative terrain. Aluminum prices decreased by 2.4%, zinc was down 2.6%, lead down 2.3%, copper edged down 1.4%, and nickel down 4.6%.

MCX futures prices remained mostly on downtrend. Nickel was down by 0.5% at INR 2,392/kg, lead down 0.5% at INR 184.4/kg, copper down 1.2% at INR 766.4/kg, aluminum down 1.6% at INR 215/kg, while zinc was down 2.6% to INR 270/kg.

India's domestic aluminium scrap prices remained stable amid limited market activities. India's copper market saw a decrease in prices due to limited activities and amid a fall in MCX futures. However, prices were still on the higher side and the material availability was limited. Global market remained volatile in the end of week which has negatively impacted the domestic market.

USA inflation data ahead

This week, the market will be awaiting key inflation data from the US and India for clues on the rate hike trajectory of central banks. Oil prices eased on Monday after rising 2% in the previous session, as investors focused on short-term demand concerns stemming from crucial upcoming US inflation data and refinery maintenance in Asia and the United States.

Oil prices move up

Brent oil futures fell by 0.60% at $85.16 per barrel, while crude oil WTI futures increased by 0.80% to $78.87 per barrel.

Prices of natural gas were recorded at $2.5232/MMBtu at the time of publishing this article, up 3.8% 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. It hovered at around 103.74 at the time of publishing this report, up 0.11% as against the last session.

The rupee was recorded at 82.72 against the US dollar, depreciating 0.20 paise against the previous closing.