Non-ferrous metals prices show negative trends

Non-ferrous metals prices on the London Metal Exchange (LME) showed negative trends on 14 April, 2023. Three-month aluminium futures contract inched down by 0.8% to $2,367/t and zinc prices edged down by 0.7% to $2,837/t. Lead prices inched down by 1.1% to $2,146/t. Meanwhile, nickel prices inched down by 1.8% to $23,698/t. Copper futures inched up by 0.4% to close at $9,058/t.

USA's import prices inched down by 0.6% in March, following a 0.2% decline in February, Bureau of Labor Statistics reported recently. Lower prices for fuel and non-fuel imports were responsible for this drop in import prices. Prices for exports edged down by 0.3% in March, after increasing by 0.4% in February and 0.3% in January.

India's domestic aluminium scrap prices remained rangebound d-o-d on the last trading day. Although, prices were mostly stable, the aluminium scrap market remained dynamic with certain factors influencing demand-supply dynamics. Limited deals have been concluded, indicating that there was still some demand in the scrap market.

Indian domestic copper prices inched up d-o-d on last session. Increasing futures hit the $9,000/t-mark. This was the "key factor" that pushed domestic prices higher. Tight supply in China and Japan continued to support prices.

Oil firm, natural gas prices up

Brent oil futures inched up by 0.33% to $86.33 per barrel. Crude oil WTI futures remained almost firm at $82.51 per barrel.

Prices of natural gas were recorded at $2.165/ MMBtu at the time of publishing this insight, down 7.9% as against the last closing.

Dollar index

The dollar index, which gauges the value of the greenback in a basket of six different currencies, hovered at 101.65. The index inched up by 0.09% against the last session.

The rupee was recorded at 81.96 against the dollar, appreciating by 0.33 paise as against the previous closing.