Weekly round-up: Base metals prices see positive trends

Domestic base metals prices saw positive trends this week, rising by up to 7.4% w-o-w.
All non-ferrous metals prices on the London Metal Exchange (LME) edged up. Nickel prices rose the most by 10% w-o-w. In fact, other metals' prices too rose by up to 6%.

The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered around 104.93, up 0.38 against last week, Notably, it touched 105.58 in the middle of this week.

US PPI increases in Nov'22

The United States Producer Price Index (PPI) for demand advanced to 0.3% in November, the US Bureau of Labor Statistics reported recently. The report comes me ahead of US inflation data for November scheduled to be released on 13 December. Also, ahead of the FOMC meeting that will be held from 13-14 December.

Price picture

Aluminium prices up marginally

Domestic aluminium tense scrap prices were up 0.7% w-o-w to INR 148,000/t exy-Delhi.
Meanwhile, imported prices of the same were assessed at $1,720/t, up $40/t CFR Nhava Sheva w-o-w, and US-origin aluminium talk prices were at $4,380/t, an increase of $190/t w-o-w CFR Nhava Sheva.

Copper prices positive

Domestic copper armature scrap prices rose slightly by 2.3% to INR 636,000/t ($7,717/t) w-o-w exy-Delhi. Prices of secondary wire rose slightly by 2.5% to INR 685,000/t w-o-w ($8,311/t), while primary wire rods prices edged up by 5.7% to INR 750,000/t ($9,100/t) exw-Delhi yesterday.

Meanwhile, concerns of an upcoming shortage supported copper futures. LME-registered warehouse stock fell by 2,025 t w-o-w.

Sources said that moderate transactions were seen despite higher prices amid volatile exchange prices.

Lead stable, zinc rises slightly

Domestic special high-grade (SHG) zinc ingots prices rose 7.4% to INR 292,000/t ($3,543/t) exw-Delhi amid healthy demand in the domestic market. In addition, domestic re-melted lead ingots and refined lead ingots prices were almost stable w-o-w.