Non-ferrous metals prices on all major exchanges were volatile in the last trading session on 7 February, 2023, the US dollar marked near 83 again.
Three-month contract prices on the London Metal Exchange (LME) were in volatile terrain. Aluminum prices fell by 0.4%, zinc was up 0.2%, lead remained firm, copper edged up by 0.6%, and nickel remained stable.
MCX futures prices remained mostly on uptrend. Nickel was down by 1.5% at INR 2346/kg, lead stable at INR 184.8/kg, copper up 0.7% at INR 776/kg, aluminum remained stable at INR 221.5/kg, while zinc was up 2.3% to INR 284/kg.
The US to consider 200% tariff on Russian aluminium
The United States is considering raising the import tariff on Russian-made aluminum to 200%, as it seeks to ramp up pressure on Moscow over its war in Ukraine, but a decision has not been made yet, as per reports.
India
Copper prices in the India’s domestic market remained stable d-o-d on slow demand. India’s domestic aluminium scrap prices remained steady d-o-d yesteday. There has been no effect of the price cut by primary producers in domestic prices. Also, a decrease in prices on MCX led to a limited activity in the market.
Oil prices rise
Brent oil futures increased by 2.65% at $83.65 per barrel, while crude oil WTI futures increased by 3.20% to $77.27 per barrel.
Prices of natural gas were recorded at $2.578/MMBtu at the time of publishing this article, up 4.9% as against the last closing price.
Dollar index
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at around 103.35 at the time of publishing this report, down 0.08% as against the last session.
The rupee was recorded at 82.74 against the US dollar, almost stable against the previous closing.
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