Non-ferrous metals prices on all major exchanges remained negative in the last trading session on 22 February, 2023. The US dollar, on the other hand, continued to remain high.
Three-month contract prices on the London Metal Exchange (LME) fell marginally in the last session. Aluminum prices inched down by 2%, zinc was down 2.5%, lead decreased by 1.8%, copper down 1%, while nickel inched down by 2.5%.
Inflation in Germany rises in Jan 2023
The inflation rate in Germany, measured as the year-on-year (y-o-y) change in the consumer price index (CPI), stood at 8.7% in January 2023.
“Following a slowdown at the end of last year, the inflation rate remained at a high level,” said President of the Federal Statistical Office.
India
India’s domestic aluminium scrap prices remained stable for the third consecutive day owing to less buying interest. Copper armature scrap and secondary rods prices in Delhi were firm yesterday. Meanwhile, primary copper rods prices inched up on healthy buying enquiries despite downfall in futures prices. Sellers were still trying to hold back offers anticipating a further hike.
Oil prices inch down
Brent oil futures fell by 1.90% to $80.87 per barrel. However, crude oil WTI futures fell by 2% to $74.25 per barrel.
Fuel demand in the US may be hit as the country is considering rate hikes in the near-term. Thus, oil prices have been reduced.
Prices of natural gas were recorded at $2.16/MMBtu at the time of publishing this insight. Prices of natural gas remained almost stable as against the last closing.
Dollar index
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered around 104.39 at the time of publishing this insight. The index inched down by 0.19% against the last session.
The rupee was recorded at 82.77 against the US dollar, almost stable against the previous closing.
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