Non-ferrous metals prices show positive trends

Non-ferrous metals prices on the London Metal Exchange (LME) showed positive trends on 13 April, 2023. The three-month aluminium futures contract inched up by 1.8% to $2,367/t and zinc prices edged up by 1.9% to $2,837/t. Lead prices rose by 0.8% to $2,146/t. Meanwhile, nickel prices increased by 0.5% to $23,698/t. Copper futures inched up by 1.6% to close at $9,058/t.

The Producer Price Index (PPI) for final demand declined 0.5% in March, seasonally adjusted, the US Bureau of Labor Statistics reported today. Final demand prices were unchanged in February and increased 0.4% in January. On an unadjusted basis, the index for final demand advanced 2.7% for the 12 months ended in March.

India's domestic aluminium scrap prices remained rangebound d-o-d yesterday. A few trader sources informed that some sporadic deals have been concluded. An uptick in LME three-month futures changed the market dynamics, SteelMint learned from sources.

Indian domestic copper prices inched up d-o-d yesterday. An uptick in futures and tight supply in China and Japan encouraged local buyers (of raw materials and finished products) to book material, pushing prices higher.

Oil down, natural gas prices drop

Brent oil futures inched down by 1.28% to $86 per barrel. Crude oil WTI futures inched down by almost 1% to $82.53 per barrel.

Prices of natural gas were recorded at $2.02/ MMBtu at the time of reporting, down 3.5% 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 100.86. The index inched down by 0.15% against the last session.

The rupee was recorded at 81.59 against the dollar, appreciating by 0.28 paise as against the previous closing.