Non-ferrous metals prices on all major exchanges remained mixed in the last trading session on 28 February, 2023.
Three-month contract prices on the London Metal Exchange (LME) witnessed mixed movement in the last session. Aluminum prices inched down by 0.8%, zinc and lead remained stable, copper inched up by 1.8%, while nickel decreased by 2.8%.
MCX futures prices mostly opened at upper levels today. Nickel opened 2.3% lower at INR 1,957/kg, lead up by 0.49% to INR 183/kg and copper increased by 0.59% to INR 771/kg. Aluminum inched up by 0.57% to INR 210/kg, while zinc was up by 0.99% to INR 271/kg.
India
Imported aluminium scrap prices in India have corrected downwards in line with futures contracts on the London Metal Exchange (LME). Trade participants, mostly overseas sellers, shared that Indian bids are not aligned much considering market dynamics and negligible transactions have been concluded over the last four-five days. On the other hand, far east buyers are somehow managing to secure actual trade by placing better bids.
Copper armature scrap and rods prices in Delhi were positive in the last trading day due to rise in LME futures supporting local prices. Scrap demand, seemed increasing, however sources said that there is an uncertainty in the market. Aluminium scrap prices in India remained stable on 28 February, 2023.
China PMI data for Feb’23
The manufacturing purchasing managers’ index (PMI) shot up to 52.6 in February, 2023 from 50.1 in January, according to China’s National Bureau of Statistics, above the 50-point mark. China’s central bank said that the domestic economy was expected to generally rebound in 2023, although the external environment remained “severe and complex”.
The government recently released India’s gross domestic product (GDP) data for the October-December 2022 quarter (Q3FY23). India’s GDP growth for the quarter ended December 2022 moderated to 4.4%, as per government data. This is a significant drop from the 6.3% GDP growth in the previous quarter.
Oil prices inch up
Brent oil futures inched up by 1.89% to $83.89 per barrel. Crude oil WTI futures increased by 1.30% to $75.91 per barrel.
Prices of natural gas were recorded at $2.763/MMBtu at the time of publishing this insight. Prices of natural gas increased by 1.2% 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 104.84 at the time of publishing this insight. The index inched down by 0.03% against the last session.
The rupee was recorded at 82.53 against the US dollar, depreciating 0.22 paise against the previous closing.
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