Weekly round-up: Base metals prices show negative trends

Domestic base metals prices witnessed negative trends as prices of most commodities contracted w-o-w.

Prices of most base metals moved lower on the week, with slowing global growth and rising interest rates. Aggressive monetary policy tightening has exacerbated fears of a slowing global economy curbing demand for metals.

The rupee depreciated 44-50 paise and slipped close to the the 81-mark against the USD for the first time in early trade on 23 Sep'22, weighed down by the strong American currency and risk-off sentiment among investors. This turned the markets more volatile towards the end of the week.

Aluminium scrap import prices fall

Imported aluminium scrap prices from the UK and Middle East decreased in the range of $5-80/t this week.

Morover, on 20 September, the price of US-origin imported aluminum talk scrap decreased by $170/t to $4,210/t CFR Nhava Sheva. Import scrap prices have been drifting down following exchange futures as well as spot prices, SteelMint notes.

Domestic aluminium tense scrap prices fell 1.38% and was at INR 143,000/t exy-Delhi.

Domestic copper prices fell

Domestic copper armature scrap prices fell marginally 1.94 at INR 606,000/t ($7,458/t) w-o-w, Also, LME 3-month prices fell 4.24%.

Prices of secondary and primary wire rods also fell w-o-w upto 2.33% and was at INR 650,000/t ($7,999/t) and INR 663,000/t ($8,159/t) at yesterday's closing.

Zinc prices fall

Domestic special high-grade (SHG) zinc ingot prices fell 2.86% at INR 285,000/t ($3,507/t) w-o-w. Morover, the LME's 3-month zinc contract prices fell 4.60% this week.

Lead prices fluctuate

Domestic remelted lead ingot prices remained almost stable at INR 177,000/t ($2,178/t), whereas refined lead ingot prices were recorded at INR 191,000/t ($2,351/t) exw-Delhi on 23 September, a slight rise of 1.38% w-o-w.