Non-ferrous metals prices show negative trends

Non-ferrous metals prices on the London Metal Exchange (LME) were mostly negative on 5 April, 2023. Three-month aluminum futures contracts edged down by 1.6% to $2,333/t and zinc prices inched down by 1.5% to $2,789/t. Lead edged down by 0.3% to $2,110/t. Meanwhile, nickel inched down by 1.8% to $22,706/t. Copper futures were up 0.4% closing at $8,782/t.

USA's unemployment rates were lower in Feb'23

Unemployment rates were lower in February than a year earlier in 228 of the 389 metropolitan areas, higher in 131 areas, and unchanged in 30 areas, the U.S. Bureau of Labor Statistics reported recently. A total of 95 areas had jobless rates of less than 3.0% and 12 areas had rates of at least 8%. Non-farm payroll employment increased over the year in 96 metropolitan areas and was essentially unchanged in 293 areas. The national unemployment rate in February was 3.9%, not seasonally adjusted, down from 4.1% a year earlier.

India

Domestic prices of aluminium alloy ingot ADC12 witnessed a rise of INR 2,000/t to INR 197,000/t w-o-w following Maruti's announcement of monthly settlement prices for March 2023. The recent price increase has been attributed to moderate buying interest among major alloy ingots producers with the commencement of the new financial year. However, sales of ADC12 may increase from mid-April onwards.

Indian domestic copper prices inched down by up to 1.9% d-o-d yesterday. The local market was affected by a significant drop in LME prices by nearly $300/t w-o-w.

Oil down, natural gas prices inch up

Brent oil futures were down by 0.50% to $84.43 per barrel. Crude oil WTI futures inched down by 0.77% to $79.99 per barrel.

Prices of natural gas were recorded at $2.128/ MMBtu at the time of publishing this insight, up by 1.5% 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 102.02. The index was up 0.16% against the last session.

The rupee was recorded at 81.87 against the dollar, appreciating 0.36 paise as against the previous closing.