Base metals prices on all major exchanges moved higher in the last trading session on 24 January, 2023.
Three-month contract prices on the London Metal Exchange (LME) closed mostly in a positive range. Aluminum prices rose by 0.5%, zinc was up 0.3%, lead increased by 3.5%, copper edge down by 0.4%, and nickel rose by 2.4%.
China’s major non-ferrous exchange market was closed amid the Lunar New Year holidays.
MCX futures prices remained in positive territory, too. Nickel was up 0.37% to INR 2,370/kg, lead increased by 0.63% to INR 183.60/kg, copper rose by 0.88% to INR 793.80/kg, aluminum was up 0.94% to INR 225.70/kg, while zinc increased by 0.42% to INR 300.35/kg.
Indian market
Indian copper scrap prices increased by INR 3,000/t yesterday. Armature scrap prices were recorded at INR 705,000-707,000/t exy-Delhi, excluding GST.
Aluminum scrap prices remained stable yesterday, after rising over the last few days on improved transactions and tight availability (tense grade).
Oil prices fall
Brent oil futures were down by 1.84% to $86.52 per barrel, while crude oil WTI futures decreased by 1.84% to $80.13 per barrel at the time of publishing this report.
Dollar index
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at around 101.82 at the time of publishing this report, down 0.10% against the last session.
The rupee was recorded at 81.63 against the US dollar, depreciating by 0.05 paise against the previous closing.
Leave a Reply