Domestic base metals prices saw positive trends this week, moving up by up to 2.5%, while all the non-ferrous metals on the LME gained by up to 7.6% w-o-w.
The domestic market showed positive signs as participants returned after the festive season resulting in resumption of active trading.
Moreover, oil prices posted gains this week. WTI went up 5.35% to $92.61 per barrel from $85-87 levels last week, and brent crude was up 5.11% w-o-w to $98.57 per barrel yesterday.
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered around 110.80, almost stable against last week. However, it reached the level of 113 in the middle of last week.
In the domestic market, aluminium scrap prices were stable, especially tense scrap.
Metals prices
- Aluminium prices stable
Domestic aluminium tense scrap prices remained stable w-o-w at INR 140,000/t exy-Delhi.
The aluminium scrap market witnessed regular trades amid high volatility on major exchanges. A few buyers booked imported scrap at higher levels to fulfil the average pipeline for smooth production. One UK-based exporter source mentioned that the near-term price range won’t see minor contraction amid tight procurement at scrapyards.
Meanwhile, aluminium imported tense scrap prices are assessed at $1,640/t, up $70/t CFR Nhava Sheva w-o-w, and US-origin aluminium talk prices were at $4,080/t, a rise of $110/t w-o-w CFR Nhava Sheva.
- Copper scrap prices rise
Domestic copper armature scrap prices rose by 2.4% to INR 610,000/t ($7,441/t) w-o-w exy Delhi.
Prices of secondary and primary wire rods were also marginally up by up to 1.8% w-o-w to INR 657,000/t ($8,014/t) and INR 680,000/t ($8,294/t) exw-Delhi, yesterday.
- Zinc prices fall despite slight rise in futures
Domestic special high-grade (SHG) zinc ingots prices fell 4.7% to INR 265,000/t ($3,232/t) exw-Delhi, w-o-w amid slow trades observed in the market. Moreover, the LME’s 3-months zinc contract prices rose marginally by 2% this week.
- Lead prices remain rangebound
Domestic remelted lead ingots prices remained rangebound at INR 175,000/t ($2,134/t), whereas refined lead ingots prices were recorded at INR 191,000/t ($2,329/t) exw-Delhi, on 4 November, a slight increase of 1% w-o-w.
Leave a Reply