Non-ferrous metals prices on the London Metal Exchange (LME) rose in the last trading session on 13 March, 2023.
Three-month contract prices of aluminum futures inched up by 0.9%, zinc was up by 0.3%, lead inched up by 0.2% and nickel increased by 1.9%. Copper futures inched up by 0.7%.
MCX futures prices opened on a negaitive note today. Nickel opened 0.20% down at INR 1,800/kg, lead rise by 0.11% to INR 181.6/kg and copper decreased by 0.6% to INR 713/kg. Aluminium inched down by 0.10% to INR 205/kg, while zinc was down 0.25% to INR 261.7/kg.
The collapse of Silicon Valley Bank, which is the biggest retail banking failure since the global financial crisis, has triggered a wave of implications. However, the reach of which is yet to be ascertained. An unexpected victim of the US bank’s abrupt demise is a 116-year-old co-operative bank in Mumbai which had already affected the market.
India
India’s domestic aluminium scrap prices continued to remain stable despite a 1.21% drop in LME futures yesterday. Scrap prices were not affected though the primary aluminium makers reduced ingots prices. Copper prices increased in India’s domestic market following a holiday period. Primary copper rods prices also inched up by 1.3% d-o-d yesterday. The market showed signs of recovery, with buying enquiries.
Oil prices inch down
Brent oil futures inched down by 2.9% to $79.85 per barrel. Crude oil WTI futures inched down by 2.40% to $73.92 per barrel.
Prices of natural gas were recorded at $2.61/MMBtu at the time of publishing this insight, inching down by 2% 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 at 103.91 at the time of publishing this insight. The index inched up by 0.30% against the last session.
The rupee was recorded at 82.29 against the US dollar, depreciating 0.39 paise as against the previous closing.
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