Non-ferrous metals prices on all major exchanges remained positive in the last trading session on 27 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 1.2%, zinc was up by 0.8%, lead increased by 1.9%, copper inched up by 1%, while nickel increased by 3.9%.
MCX futures prices mostly opened at lower levels today. Nickel opened 0.20% lower at INR 2,180/kg, lead down by 0.03% to INR 183/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 stable on 27 February, 2023 as compared to the last trading day. Sources informed that transactions are slightly dull today despite an increase in LME futures. Copper armature scrap and rods prices in Delhi were negative in the last trading day due to LME futures, which fell sharply by $425/t w-o-w to $8,716/t that weighed on local prices. Sellers are trying to restrain their offers for the time being, while demand, especially for scrap, seemed to increase.
Japan’s industrial production falls
Japan’s industrial output dropped 4.6% from the previous month in January, marking the first decline in three months, as per latest reports, Industries that mainly contributed to the decline were motor vehicles, production machinery and electronic parts & devices.
Oil prices inch down
Brent oil futures inched down by 0.22% to $82.59 per barrel. Crude oil WTI futures decreased by 0.30% to $75.91 per barrel.
Prices of natural gas were recorded at $2.698/MMBtu at the time of publishing this insight. Prices of natural gas increased by 5.9% 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 104.86 at the time of publishing this insight. The index inched up by 0.17% against the last session.
The rupee was recorded at 82.74 against the US dollar, appreciating 0.20 paise against the previous closing.
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