Weekly round-up: Base metals prices show a mixed picture

Domestic base metals prices witnessed mixed trends as the prices of a few commodities contracted w-o-w, while others followed a different trend.

This week, the US dollar hovered around high levels, reaching the 80 mark again.

A rising dollar pressures commodities prices by making them more expensive for holders of other currencies.

This week, a World Bank report revealed that with central banks across the world simultaneously hiking interest rates in response to inflation, the world may be edging towards a global recession in 2023. This turned the markets volatile towards the end of the week.

Aluminium scrap import prices rise

Imported aluminium scrap prices from the UK and Middle East increased in the range of $15-170/t this week.

Limited offers from overseas sellers, resumption of semi-finished export bookings and the recovery in LME futures trigerred buying interest.

On 13 September, the price of US-origin imported aluminum talk scrap increased by $170/t to $4,370/t CFR Nhava Sheva. However, Middle East-origin taint tabor and extrusion scraps decreased marginally by $20/t w-o-w.

Import scrap prices have been drifting down following exchange futures as well as spot prices, A few offers for Middle East-origin material have contracted by $20-30/t in recent days.

Domestic aluminium tense scrap prices remained stable at INR 145,000/t exy-Delhi.

Domestic copper prices rangebound

Domestic copper armature scrap prices remained rangebound at INR 612,000/t ($7,683/t) w-o-w, Also, LME 3-month prices fell slightly by 1.20%

Prices of secondary and primary wire rods also remained rangebound at INR 658,000/t ($8,261/t) and INR 672,000/t ($8,437/t).

Zinc prices fall

Domestic special high-grade (SHG) zinc ingot prices fell 2.65% at INR 286,000/t ($3,591/t) w-o-w. Morover, the LME’s 3-month zinc contract prices fell 0.44% this week.

Lead prices fluctuate

Domestic remelted lead ingot prices remained almost stable at INR 177,000/t ($2,222/t), whereas refined lead ingot prices were recorded at INR 190,000/t ($/t) exw-Delhi on 16 September, a rise of 2% w-o-w.