Non-ferrous metals prices show negative trends

Non-ferrous metals prices on the London Metal Exchange (LME) were mostly negative on 4 April, 2023. Three-month aluminum futures contracts edged down by 2.3% to $2,341/t and zinc prices inched down by 2.3% to $2,831/t. Lead edged up by 0.1% to $2,117/t. Meanwhile, nickel inched down by 1.1% to $23,124/t. Copper futures were down 1.9% closing at $8,751/t.

USA's job openings drop in Feb'23

The number of job openings fell in February 2023, dropping below 10 million to 9.9 million for the first time in nearly two years. Nevertheless, this was a sign that employers' demand for workers eased amid a still strong labour market, the U.S. Bureau of Labor Statistics reported, recently.

Imported aluminium market

Traders shared that domestic and overseas markets are witnessing shortage of material. Especially, the overseas market where future bookings are shared by some sellers. On the other hand, the domestic market witnessed slight price premiums. Aluminium alloy ingots manufacturers are largely associated with original equipment manufacturers and a rise in alloy ingots prices by one of the largest domestic car manufacturers has lifted market sentiments.

India

India's domestic aluminium scrap prices witnessed positive movements yesterday following the price hike in ingots by primary players.

Domestic copper prices remained rangebound d-o-d yesterday. Market players tend to buy more material in the beginning of every month. However, as prices are high, buying interest may remain subdued.

Oil and natural gas prices almost stable

Brent oil futures remained almost stable at $85.4per barrel. Crude oil WTI futures inched up by 0.80% to $81.11 per barrel.

Prices of natural gas were recorded at $2.103/ MMBtu at the time of publishing this insight, almost stable as against the last closing.

Dollar index

The dollar index, which gauges value of the greenback in a basket of six different currencies, hovered at 101.68. The index was up 0.02% against the last session.

The rupee was recorded at 82.18 against the dollar, stable as against the previous closing.