Non-ferrous metals prices on all major exchanges remained positive in the last trading session on 1 March, 2023.
Three-month contract prices on the London Metal Exchange (LME) witnessed an upward movement in the last session. Aluminum prices inched up by 2.4%, zinc rose by 3.8% and lead was up by 1.8%, copper inched up by 1.6%, while nickel was up by 0.4%.
MCX futures prices mostly opened at lower levels today. Nickel opened 2.2% lower at INR 1,942/kg, lead down by 0.49% to INR 183/kg and copper increased by 0.59% to INR 771/kg. Aluminum inched up by 0.08% to INR 184/kg, while zinc was down by 0.20% to INR 274/kg.
Building approvals in Australia fall in Jan’23
The seasonally adjusted estimate of the value of total building approvals fell by 18.6% in January, following a 1% rise in December. The value of total residential buildings fell by 13.6%, comprising a 15.1% decrease in new residential buildings 4% drop in alterations and additions. The seasonally adjusted estimate for the value of non-residential buildings fell by 25.6%, following a 1.6% decrease in December 2022.
India
Aluminium alloy ingots ADC12 prices corrected by INR 3,000/t w-o-w yesterday to INR 195,000/t ($2,365/t) on lower demand and a subdued export market.
The majority of importers and traders were cautious about purchases due to the high volatility in LME prices. Mid-sized die-casting factories, particularly those based in the north, continued to operate at a lower capacity utilisation rate.
Copper armature scrap and rods prices in Delhi were positive in the last trading day as buying enquiries rose it being the start of the month, resulting in decent domestic transactions. Recovery in China’s economy, the biggest copper buyer, also lent support to LME prices.
Oil prices inch up
Brent oil futures inched up by 1% to $84.42 per barrel. Crude oil WTI futures increased by 0.77% to $77.77 per barrel.
Prices of natural gas were recorded at $2.789/MMBtu at the time of publishing this insight. Prices of natural gas increased by 2.1% 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 104.59 at the time of publishing this insight. The index inched up by 0.11% against the last session.
The rupee was recorded at 82.56 against the US dollar, almost stable against the previous closing.
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