Non-ferrous metals prices on all major exchanges remained positive in the last trading session on 21 February, 2023. The US dollar, on the other hand, continued to remain high.
Three-month contract prices on the London Metal Exchange (LME) moved up in the last session. Aluminum prices inched up by 0.4%, zinc was up 0.3%, lead decreased by 0.6%, copper down 0.6%, while nickel inched up by 0.6%.
MCX futures prices mostly opened at lower levels today. Nickel opened 0.13% lower at INR 2,272/kg, lead down by 0.7% to INR 184/kg and copper decreased by 0.27% to INR 783/kg. Aluminum inched down by 0.8% to INR 213/kg, while zinc was down 0.10% to INR 274/kg.
Australia’s WPI rises in Dec quarter
WPI measures changed in the price of labour, unaffected by compositional shifts in the labour force and hours worked or employees’ characteristics.
Figures from the Australian Bureau of Statistics that came out on Wednesday, showed its wage price index rising 0.8% in the December quarter from the previous quarter. Private sector wage growth over the quarter (0.8%) was slightly higher than the public sector (0.7%).
India
India’s domestic aluminium scrap prices remained stable for the second consecutive day. Transactions were moderate owing to less buying interest. Copper armature scrap and rods prices in Delhi were positive in the last trading day on healthy buying enquiries amid a rise in LME futures. Sellers were trying to hold back offers whereas buyers raised bids on growing demand, sources informed.
Oil prices inch down
Brent oil futures fell by 1.20% to $82.79 per barrel. However, crude oil WTI futures fell by 0.30% to $76.16 per barrel.
Prices of natural gas were recorded at $2.013/MMBtu at the time of publishing this insight. Prices of natural gas fell by 14% 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 around 104.15 at the time of publishing this insight. The index inched down by 0.03% against the last session.
The rupee was recorded at 82.80 against the US dollar, almost stable against the previous closing.
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