Non-ferrous metals prices show negative trends
Non-ferrous metals prices on the London Metal Exchange (LME) showed negative trends on 17 April, 2023. Three-month aluminium futures contract inched down by 0.3% to $2,37...
Non-ferrous metals prices on the London Metal Exchange (LME) showed negative trends on 17 April, 2023. Three-month aluminium futures contract inched down by 0.3% to $2,378/t. Zinc prices edged down by 0.8% to $2,832/t. Lead prices inched down by 2.6% to $2,113/t. Meanwhile, nickel prices inched up by 2.4% to $24,701/t. Copper futures inched down by 0.7% to close at $8,964/t.
China's economy grew faster than expected in first three months of the year. It may be note here that the country emerged from its "tough" Covid restrictions. Compared to the same period last year, gross domestic product (GDP) also grew by 4.5%, official figures showed. The key measure of economic activity was driven up by a boost in household spending and rising factory activity, as per reports.
Indian domestic copper prices remained range-bound yesterday. Although, demand weakened owing to sluggish trade activities, it is anticipated that prices of copper futures will remain on an upward trajectory.
India's domestic aluminium scrap prices fluctuated yesterday. Some grades saw a positive trend due to rising ingot prices by primary manufacturers. Certain specific grades remained rangebound due to a minor contraction of a 1% decrease in futures during the trading session.
Oil down, natural gas prices up
Brent oil futures inched down by 1.60% to $84.92 per barrel. Crude oil WTI futures were down by 1.43% to $80.95 per barrel.
Prices of natural gas were recorded at $2.261/ MMBtu at the time of publishing this insight, up by 7% 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 inched down by 0.08% against the last session.
The rupee was recorded at 82.07 against dollar, stable as against the previous closing.
