Weekly round-up: Base metals prices post gains w-o-w

Domestic base metals prices saw mixed trends this week. Prices of most base metals moved higher during the week, while copper and aluminium contracted by up to 2% w-o-w yesterday. Metals prices rose as market participants fretted about supply shortage after the London Metal Exchange (LME) announced that it was considering banning new Russian metals from entering the market.

Oil prices rose this week up to 10%, continuing an upward trend after OPEC+ this week agreed to tighten global supply with a deal to cut production targets by 2 million barrels per day (bpd).

For the last few days, the Indian Rupee (INR) is depreciating sharply, hitting an all-time low. It is currently trading at 82.82 to the US dollar. The depreciating rupee influences the domestic economy as well as the overall market.

• Aluminium scrap import prices rise
  
  

Imported aluminium scrap prices from the UK and Middle East increased in the range of $20-120/t this week. Moreover, on 4 October, the price of US-origin imported aluminium talk scrap increased by $130/t to $4,110/t CFR Nhava Sheva.

Domestic aluminium tense scrap prices remained stable w-o-w at INR 140,000/t exy-Delhi.

• Copper scrap prices rise
  
  

Domestic copper armature scrap prices rose marginally by 0.2% to INR 597,000/t ($7,207/t) w-o-w.

Prices of secondary and primary wire rods also rose 0.5% and 2.8% w-o-w by up to INR 644,000/t ($7,775/t) and INR 674,000/t ($8,137/t) yesterday.

• Zinc prices rise
  
  

Domestic special high-grade (SHG) zinc ingots prices rose 4.2% to INR 290,000/t ($3,501/t) w-o-w amid healthy trades observed in the market. Moreover, the LME's 3-month zinc contract prices and spot prices rose by up to 2.5% this week.

• Lead prices up
  
  

Domestic remelted lead ingots prices remained almost stable at INR 175,000/t ($2,112/t), whereas refined lead ingots prices were recorded at INR 191,000/t ($2,306/t) exw-Delhi on 8 October, a slight increase of 1.71% w-o-w.