Domestic base metals prices saw minor adjustments and a downward trend this week. Although a minor contraction was seen by up to 1.14% w-o-w till yesterday over the same period last week. Oil prices (WTI) fell this week by 0.65% to $85.05 per barrel, whereas brent oil futures drifted up by 2.04% to $93.5 per barrel w-o-w at the time of reporting.
Fundamental sentiments have been affected owing to recent market behaviour. The International Monetary Fund predicted slower economic activities and revised global growth to 2.7% in 2023.
Further, the UK’s Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 8.8% in September, up from 8.6% in August. OPEC+ has announced production cuts in consideration of market dynamics to maintain the net sales realization.
The Biden administration has recently announced that the US is putting the final 15 million barrels on the market from a record release of strategic oil reserves, with more releases possible if energy prices spike, as per latest reports.
Metals prices fall
Aluminium scrap import prices diverge
Imported aluminium scrap prices from the UK and the Middle East remained volatile and varied by $10-20/t for different grades this week. Moreover, on 18 October, the price of US-origin imported aluminium talk clean scrap decreased by $80-90/t to $3,970/t CFR Nhava Sheva.
Domestic aluminium tense scrap prices remained stable w-o-w at INR 140,000/t exy-Delhi.
Copper scrap prices down
Domestic copper armature scrap prices fell marginally by 0.23% to INR 592,000/t ($7,176/t) w-o-w.
On the contrary, secondary and primary wire rod prices improved slightly by up to 0.12% w-o-w to INR 642,000/t ($7,782/t) and INR 665,000/t ($8,061/t).
Zinc prices fall
Domestic special high-grade (SHG) zinc ingot prices fell 0.27% to INR 277,000/t ($3,358/t) w-o-w and moderate transactions were observed in the market. Moreover, the LME’s 3-months zinc contract prices and spot prices remained supported.
Lead prices down marginally
Domestic refined lead ingots prices decreased slightly by 1.14% to INR 190,000/t ($2,303/t), whereas re-melted lead ingots prices were almost firm at INR 176,000/t ($2,134/t) exw-Delhi on 21 October w-o-w.
Leave a Reply