Non-ferrous metals prices on the London Metal Exchange (LME) fell in the last trading session on 10 March, 2023.
Three-month contract prices of aluminum futures inched down by 0.6%, zinc down by 1.2%, lead dropped 0.3% and nickel decreased by 2.5%. Copper futures, on the other hand, inched up by 0.2%.
MCX futures prices opened on a positive note today. Nickel opened 1.5% up at INR 1,823/kg, lead rise by 0.30% to INR 182/kg and copper increased by 0.56% to INR 756/kg. Aluminium inched up by 0.27% to INR 204.8/kg, while zinc was up 0.31% to INR 260/kg.
USA’s non-farm payroll increases in Feb’23
According to the US’s Department of Labor, total non-farm payroll employment increased by 311,000 in February compared with the average monthly gain of 343,000 over the last six months. The unemployment rate edged up to 3.6%.
India
In the domestic market, prices of copper armature scrap and finished products went down. Sources said that the market was slow due to the festive holidays, and sellers were cautious due to price volatility.
Aluminium scrap prices too remained range-bound on last trading day. Even as primary players reduced ingots prices, this did not affect scrap prices at all due to slow activities amid the holidays.
Oil prices inch up
Brent oil futures inched up by 1.5% to $83.02 per barrel. Crude oil WTI futures inched up by 1.06% to $76.86 per barrel.
Prices of natural gas were recorded at $2.518/MMBtu at the time of publishing this insight, inching down by 1.3% 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 103.87 at the time of publishing this insight. The index inched down by 0.67% against the last session.
The rupee was recorded at 81.94 against the US dollar, almost firm as against the previous closing.
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