Non-ferrous metals prices show positive trends

Non-ferrous metals prices on the London Metal Exchange (LME) rose in the last trading session on 17 March, 2023. The market still has concerns about the banking crisis.

Three-month contract prices of aluminum futures inched up by 0.3%, zinc prices were up by 1.3%, lead inched up by 1.2% and nickel increased by 0.6%. Copper futures inched up by 0.7%.

USA non-farm data

Non-farm payroll employment increased over the year in 135 metropolitan areas and was essentially unchanged in 254 areas. The national unemployment rate in January was 3.9%, not seasonally adjusted, down from 4.4% a year earlier, the U.S. Bureau of Labor Statistics
reported today.

India

India's domestic aluminium scrap prices remained stable d-o-d on last day. Some bookings have been made by mills that are operating at limited capacity utilisation. Moreover, market participants are awaiting price announcements by major automobile companies for alloy ingots. Indian copper prices have recovered d-o-d. Mills' margins (from armature scrap to secondary rods) have improved and was hovering around INR 45,000-47,000/t.

Oil prices inch up

Brent oil futures inched down by 2% to $72.39 per barrel. Crude oil WTI futures inched down by 2% to $66.16 per barrel.

Prices of natural gas were recorded at $2.362/MMBtu at the time of publishing this insight, down by 10% as against the last closing.

Dollar index

The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at 103.82 at the time of publishing this insight. The index inched up by 0.11% against the last session.

The rupee was recorded at 82.49 against the US dollar, almost firm as against the previous closing.