Non-ferrous metals prices on major exchanges show volatile trend

Non-ferrous metals prices saw fluctuating trends on all major commodity exchanges in the last trading session.

Market performance

Three-month contract prices on the London Metal Exchange (LME) showed a volatile trend. Aluminium prices decreased by 1.9%, zinc up by 1.5%, lead decreased by 1.9%, copper down 0.2%, and nickel up by 5.4%.

On Shanghai Futures Exchange (SHFE) copper fell by 0.57%, aluminium fell 0.26%, lead dropped 0.46%, and zinc gained 0.8%. The Chinese spot market was basically stagnant amid its New Year holidays.

On Multi Commodity Exchange (MCX), futures prices showed a mixed trend. Nickel increased by 1% to INR 2,382/kg, copper remained firm, and zinc rose by 2.1% to INR 295/kg. However, lead decreased by 0.5% to INR 188/Kg and aluminium declined 0.7% to INR 220/kg.

Japan’s inflation hits 4% in Dec’22

Japan’s core consumer prices in December rose by 4.0% from a year earlier, double the central bank’s 2% target, hitting a fresh 41-year high, as per latest reports. The acceleration comes after a 3.7% increase in prices in November, 2022.

India

India’s domestic aluminium scrap prices of some specific grades increased d-o-d yesterday. The price hike by primary players lent support to aluminium scrap prices. However, moderate transactions have been heard amid limited availability of casting scrap.

Indian copper prices remained stable d-o-d yesterday. A drop in LME futures by 1.3% d-o-d made prices to remain firm. Meanwhile, buyers have slowed down bookings and opted for a wait-and-watch approach as futures remained volatile.

Oil prices rise

Brent oil futures went up by 1% to $86.22 per barrel while crude oil WTI futures increased by 1.60% to $80.67 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 102.17 at the time of publishing this report, up by 0.11% against the opening session.

The rupee was recorded at 81.26 against the US dollar, appreciating by 0.10 paise against the previous closing.