Non-ferrous metals prices show positive trends

Non-ferrous metals prices on the London Metal Exchange (LME) closed positive on 12 April, 2023. Three-month aluminium futures contract inched up by 1% to $2,325/t and zinc prices edged up by 0.2% to $2,785/t. Lead prices edged up by 2% to $2,129/t. Meanwhile, nickel prices inched up by 0.5% to $23,579/t. Copper futures inched up by 0.7% to close at $8,916/t.

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1% in March on seasonal adjustment, after increasing 0.4% in February, the U.S. Bureau of Labor Statistics reported recently. Over last 12 months, all items index increased by 5.0% before seasonal adjustment.

India's retail inflation fell to a 15-month low of 5.66% in March 2023 as compared to 6.95% reported in the year-ago period, showed data released by the National Statistics Office (NSO) recently.

India

Domestic prices of aluminium alloy ingot ADC12 remained stable w-o-w at INR 197,000/t. The stability was attributed to moderate buying interest, despite commencement of the new financial year. While the production level of established market players remained mostly unchanged, there seems to be some selling pressure as producers are offering minor discounts to their regular trade associates. Furthermore, future bookings of the material remain on the lower side.

Domestic copper finished prices were stable d-o-d yesterday. An increased demand has led to a "gradual rise" in domestic raw material activity and a moderate level of commercial activity. Prices may rise in the near term.

Oil up, natural gas prices inch up

Brent oil futures inched up by 0.40% to $87 per barrel. Crude oil WTI futures inched up by almost 1.4% to $82.96 per barrel.

Prices of natural gas were recorded at $2.08/ MMBtu at the time of publishing this insight, down by 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 101.58. The index inched up by 0.08% against last session.

The rupee was recorded at 81.98 against dollar. It was down by 0.78 paise as against the previous closing.