Non-ferrous metals prices show negative trends

Non-ferrous metals prices on the London Metal Exchange (LME) trended almost down on 20 April, 2023. The three-month aluminium futures contract inched down by 1% to $2,421/t. Zinc prices edged down by 0.7% to $2,770/t. Lead prices inched down by 0.1% to $2,153/t. Nickel prices edged down by 1.9% to $25,061/t. Copper futures inched down by 0.9% to close at $8,881/t.

The Norwegian Labor Union (LO) and the Confederation of Norwegian Enterprise (NHO) have agreed recently on a solution to the labour dispute that led to a strike on Monday, 17 April. Hydro Karmoy and Hydro Ardal will resume "normal operations" and shipping of products to customers will be resumed. Financial consequences for the company and delays to customers are expected to be limited.

In 2022, 4.7% of families included an unemployed person, down from 6.7% in 2021, the U.S. Bureau of Labor Statistics reported recently. Of the nation's 83.8 million families, 80.1% had at least one employed member in 2022. Data in this insight are annual averages.

India

India's domestic aluminium scrap prices continued to rise. The recent price hike for ingots by major primary manufacturers, Balco and Hindalco, was up to INR 13,500/t w-o-w. This had a positive impact on raw material prices. However, demand was slightly dull.

Indian domestic copper prices inched down d-o-d yesterday. Trade sources predict that prices are likely to remain stable and labour shortage may continue to be a challenge in the near future.

Oil prices fall, natural gas down

Brent oil futures fell by 2.12% to $80.94 per barrel. Crude oil WTI futures were almost stable at $77 per barrel.

Prices of natural gas were recorded at $2.202/ MMBtu at the time of reporting, down 15% 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 101,88. The index inched up by 0.04% against the last session.

The rupee was recorded at 82.13 against the US dollar, almost stable against the previous closing.