Non-ferrous metals prices saw positive trends on all major commodity exchanges in the last trading session.
Market performance
Three-month contract prices on the London Metal Exchange (LME) showed an uptrend. Aluminium prices increased by 0.8%, zinc up by 3.3%, lead decreased by 1.8%, copper up 0.4%, and nickel up by 4.3%.
On the Shanghai Futures Exchange (SHFE), copper added 0.34%, aluminium rose 1.25%, lead dropped 0.49%, and zinc gained 0.52%.
On the Multi Commodity Exchange (MCX), futures prices showed a mixed trend. Nickel increased by 3.3% to INR 2,359/kg, copper edged up by 0.4% to INR 774/kg, and zinc rose by 0.8% to INR 286/kg. However, lead decreased by 1% to INR 189.6/Kg and aluminium prices remained firm.
USA’s PPI declines in Dec’22
USA’s Producer Price Index (PPI) for final demand declined 0.5% in December, the US Bureau of Labor Statistics reported recently. Final demand prices advanced 0.2% in November and 0.4% in October.
India
Indian imported aluminium scrap market has observed better trade activities in the ongoing week on supportive LME futures. Buyers are quoting higher bids to secure raw materials as some key exporters foresee a positive price trend for non-ferrous metals particularly aluminium.
Indian copper prices increased by up to INR 12,000/t yesterday to hit a 7-month high level. A sharp rise in LME futures supported local prices. Meanwhile, there are few sellers who held back offers on expectations of more price hikes.
Oil prices fall
Brent oil futures went down by 2.24% to $83.84 per barrel while crude oil WTI futures fell by 2.2% to $78.23 per barrel at the time of publishing this report.
Dollar index
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at 102.32 at the time of publishing this report, down by 0.4% against the opening session.
The rupee was recorded at 81.32 against the US dollar, appreciating by 0.42 paise against the previous closing.
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