Non-ferrous metals prices show uptrends

Non-ferrous metals prices in the London Metal Exchange (LME) increased in the last trading session on 23 March, 2023.

Three-month contract prices of aluminum futures were up by 1.7% to $2,326/t, zinc prices were up by 1.4%, lead inched up by 0.5% and nickel increased by 0.2%. Copper futures inched up by 1.6%.

Bank of England raises interest rates

The Bank of England on Thursday followed the US Federal Reserve, the Swiss National Bank and Norway's central bank in ploughing on with interest rates hikes. The Bank of England raised rates by a further 25 basis points on Thursday.

India

India's aluminium scrap prices remained stable d-o-d yesterday. Meanwhile, transactions were moderate. However, any price revision by primary players may impact scrap prices in the future, sources aware of the matter said. Indian copper prices continued to remain supported by uptrend in futures. Market participants informed that some transactions were recorded today, particularly in the primary rods segment, amid improved sentiments.

Oil and natural gas prices inch down

Brent oil futures inched down by 1.46% to $75.72 per barrel. Crude oil WTI futures inched down by 0.98% to $69.8 per barrel.

Prices of natural gas were recorded at $2.162/MMBtu at the time of publishing this insight, down by 6.3% 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 102.52 at the time of publishing this insight. The index remained almost stable against the last session.

The rupee was recorded at 82.22 against the US dollar, almost firm as against the previous closing.