Base metals prices on all major exchanges edged higher in the last trading session on 26 January, 2023.
Three-month contract prices on the London Metal Exchange (LME) closed mostly on a positive note. Aluminum prices fell by 0.4%, zinc was up 1.7%, lead increased by 3.7%, copper edged down by 0.2%, and nickel rose by 2.2%.
China’s major non-ferrous exchange market was closed amid the Lunar New Year holidays.
MCX futures prices remained in positive territory, too. Nickel was up 0.93% to INR 2,392/kg, lead increased by 1.36% to INR 186.10/kg, copper fell by 0.13% to INR 792.80/kg, aluminum was up 0.27% to INR 226.30/kg, while zinc increased by 0.13% to INR 300.75/kg.
Indian Market
Copper armature scrap prices in India edged up by INR 2,000/t whereas primary and secondary copper wire rods prices moved down slightly by INR 2,000-3,000/t exw on 25 January.
Aluminium scrap prices in India remained steady on 25 January after increasing for the past few days on improved transactions and limited supply of tense grade.
Oil prices up
Brent oil futures rose by 1.51% to $87.83 per barrel, while crude oil WTI futures decreased by 1.60% to $81.41 per barrel, as per latest updates. Oil prices have been compared with the closing price on 25 January.
Dollar index
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at around 101.94 at the time of publishing this report, up 0.10% against the last session.
The rupee was recorded at 81.62 against the US dollar, appreciating by 0.26 paise against the previous closing.
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