Non-ferrous metals prices show positive trends
Non-ferrous metals prices on the London Metal Exchange (LME) showed upward movements on 28 April, 2023. The three-month aluminium futures contract inched up by 1.6% to $2...
Non-ferrous metals prices on the London Metal Exchange (LME) showed upward movements on 28 April, 2023. The three-month aluminium futures contract inched up by 1.6% to $2,356/t. Zinc prices edged up by 1% to $2,647/t. Lead prices increased 2.3% at $2,148/t. Nickel prices rose by 0.5% to $24,219/t. Copper futures inched up by 0.1% to close at $8,595/t.
China PMI
China's manufacturing activity unexpectedly shrank in April, official data showed on Sunday, raising pressure on policymakers seeking to boost an economy.
The official manufacturing purchasing managers' index (PMI) declined to 49.2 in April from 51.9 in March, according to data from the National Bureau of Statistics. Interestingly, PMI dropped below the 50-point mark.
India
India's manufacturing sector kicked off FY24 on a positive note on the back of an improved order book as well as production growth. The country's manufacturing Purchasing Managers' Index (PMI) rose to a four-month high of 57.2 in April against 56.4 in March.
Indian domestic copper armature scrap prices edged down on last trading day. Prices fell amid declining LME and MCX futures at $8,491/t, bringing down market sentiment and making it more negative. Hence, sellers retained their offers.
India's domestic aluminium scrap market witnessed marginal price fluctuations. The market was relatively quiet over past few days owing to measured trades.
Brent oil futures were up by 1.50% to $79.78 per barrel. Crude oil WTI futures were up by 1.30% to $76.6 per barrel.
Prices of natural gas were recorded at $2.364/MMBtu at the time of publishing this insight, almost stable 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 0.15% against the last session.
The rupee was recorded at 81.80 against the dollar. The rupee remained almost firm against its previous closing.
