Non-ferrous metals prices on the London Metal Exchange (LME) increased on 28 March, 2023.
Three-month aluminum futures contracts rose by 1.1% to $2,389/t, zinc prices inched up by 0.8%, lead edged up by 0.1%, nickel increased by 0.96% and copper futures were up by 0.5%.
Australia and Vietnam’s CPI and GDP increase
According to the Australian Bureau of Statistics, the monthly Consumer Price Index (CPI) indicator increased by 6.8% in February, 2023. It fell from 7.4% in January, 2023.
Flash statistics showed that Vietnam’s gross domestic product increased by 3.32% y-o-y in Q1 2023, indicating the sixth consecutive quarter of growth, sourced from General Statistical Office of Vietnam.
India’s domestic aluminium prices
Indian domestic aluminium scrap prices remained rangebound yesterday. Tense prices stood at INR 160,000/t ($1,943/t) exy-Delhi and extrusion at INR 176,000/t ($2,137/t) exy. Meanwhile, LME aluminium futures edged up by 1.1% to $2,363/t. The recent price revision by primary players seemed to have no major impact on local scrap prices.
Oil up, natural gas prices down
Brent oil futures inched up by 1.46% to $78.93 per barrel. Crude oil WTI futures inched up by 1.32% to $73.68 per barrel.
Interestingly, crude oil prices touched a two-week high and dollar weakness resulted in supportive energy prices. The flow of about 400,000 barrels per day from Ceyhan port has been halted due to a legal disagreement between Iraq, Kurdistan, and Turkey, tightening global crude supplies.
Prices of natural gas were recorded at $2.0/MMBtu at the time of publishing this insight, down by 3.85% 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 102.62. The index remained largely stable against the last session.
The rupee was recorded at 82.33 against the US dollar, remained firm as against the previous closing.
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