Non-ferrous metals prices on all major exchanges remained negative in the last trading session on 24 February, 2023. The US dollar, on the other hand, continued to remain high.
Three-month contract prices on the London Metal Exchange (LME) inched down in the last session. Aluminum prices inched down by 2.5%, zinc was down by 2.3%, lead increased by 0.7%, copper fell by 2.1%, while nickel inched down by 3.3%.
MCX futures prices mostly opened at lower levels today. Nickel opened 1.21% lower at INR 2,286/kg, lead up by 0.11% to INR 182/kg and copper increased by 0.30% to INR 765/kg. Aluminum inched down by 0.17% to INR 210/kg, while zinc was up by 0.11% to INR 270/kg.
India
Aluminium scrap prices in India remained rangebound d-o-d on 24 February, 2023. Sources informed that transactions remained moderate. In addition, there was a decrease in LME futures by 1.25% to $2,366/t along with price cut announcements by primary players like Hindalco and Balco. Copper armature scrap and rods prices in Delhi were negative in the last trading day due to less transactions in the domestic market. However, prices were still on the higher side with some sellers expecting more price hikes in the near-term.
Oil prices inch up
Brent oil futures inched up by 0.92% to $82.92 per barrel. Crude oil WTI futures increased by 0.70% to $76.11 per barrel.
Prices of natural gas were recorded at $2.586/MMBtu at the time of publishing this insight. Prices of natural gas increased by 6.3% 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 105.22 at the time of publishing this insight. The index inched down by 0.02% against the last session.
The rupee was recorded at 82.93 against the US dollar, depreciating 0.20 paise against the previous closing.
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