Weekly round-up: Base metals prices witness positive trends

Domestic base metals prices saw positive trends this week, rising by up to 2.3% w-o-w.

All non-ferrous metals prices on the LME edged up: nickel rose the most by 14% w-o-w. However, other metals prices, too, rose by up to 7.7%.

The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered around 104.51, down 1.99 against last week, Notably, it touched 107.8 in the middle of this week.

This week, the dollar fell from record highs on signs that inflation is slowing and the Fed may slow down the pace of rate hike, which was bullish for prices.

US non-farm data for Nov'22

Non-farm payrolls measure the change in the number of people employed last month. Total non-farm payroll employment increased by 263,000 in November, while the unemployment rate stood unchanged at 3.7%, the US Bureau of Labor Statistics reported recently.

China eases Covid restrictions

Restrictions in major cities like Guangzhou were abruptly lifted on Wednesday, after the city saw violent protests a week ago.

Price picture

• Aluminium up marginally
  
  

Domestic aluminium tense scrap prices were up 1.2% w-o-w to INR 147,000/t exy-Delhi. Sources shared that moderate to measured transactions were seen taking place amid volatile exchange prices.

Meanwhile, imported aluminium tense scrap prices are assessed at $1,680/t, down $30/t CFR Nhava Sheva w-o-w, and US-origin aluminium talk prices were at $4,190/t, a decrease of $70/t w-o-w CFR Nhava Sheva.

• Copper prices positive
  
  

Domestic copper armature scrap prices rose slightly by 1.2% to INR 626,000/t ($7,688/t) w-o-w exy Delhi. Prices of secondary wire rose slightly by 0.9% to INR 671,000/t w-o-w ($8,241/t), while primary wire rods prices edged up by 2.9% to INR 720,000/t ($8,843/t) exw-Delhi yesterday.

Prices were on the higher side as inventory levels slided across the world which led to a shortage of material in the global market, Concerns of upcoming shortage also supported copper futures, On weekly basis, LME-registered warehouse stock fell 3,300 t.

• Lead stable, zinc rises slightly
  
  

Domestic special high-grade (SHG) zinc ingots prices rose 2.4% to INR 277,000/t ($3,402/t) exw-Delhi amid healthy demand in the domestic market, while domestic re-melted lead ingots and refined lead ingots prices were almost stable w-o-w.