Non-ferrous metals prices show positive trends

Non-ferrous metals prices on the London Metal Exchange (LME) showed positive trends on 18 April 2023. Three-month aluminium futures contract inched up by 2.5% to $2,437/t. Zinc prices edged up by 1.4% to $2,871/t. Lead prices inched up by 1.5% to $2,145/t. Meanwhile, nickel prices rose 3.8% to $25,633/t. Copper futures inched down by 0.5% to close at $9,012/t.

China's first-quarter GDP announcements yesterday exceeded market expectations. Investors believe that China's economic recovery has been faster than expected.

VALE's Q1 2023 result out

Vale, one of the world's leading mining companies, recently released its first-quarter results. Vale's copper production increased by a significant 18.4% y-o-y to reach 67,000 tonnes. This boost in copper production is a "great achievement" the company said, and highlighted its continued commitment to expand its mining operations.

The report also revealed that the production of nickel, another important metal for the company, dropped by 10.5% y-o-y to just 41,000 tonnes.

In March, the number of new homes being built in the US decreased by 0.8% compared to the previous month. This was due to a drop in construction in apartment buildings, a segment that was affected by reduced lending to commercial developers. However, construction of single-family homes increased by 2.7%.

India

Indian domestic copper prices fell marginally. Meanwhile, copper futures exhibited a mixed trend across exchange markets. While MCX futures saw a correction of INR 2,500/t, LME three-month futures trended higher.

India's domestic aluminium scrap prices showed a positive trend yesterday. The recent price hike in ingots by major primary manufacturers, Nalco and Hindalco, had a positive impact on raw material prices. Industry sources predict that prices may remain range-bound in the near term.

Oil down, natural gas prices up

Brent oil futures remained almost firm at $84.6 per barrel. Crude oil WTI futures were down by 0.18% to $80.65 per barrel.

Prices of natural gas were recorded at $2.356/ MMBtu at the time of publishing this insight, up by 3.6% 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 101,81. The index inched up by 0.06% against the last session.

The rupee was recorded at 82.10 against the dollar, almost stable against the previous closing.