Non-ferrous metals prices in the London Metal Exchange (LME) increased in the last trading session on 21 March, 2023. The market still has concerns about the banking crisis.
Three-month contract prices of aluminum futures remained stable, zinc prices were down by 0.7%, lead inched down by 1.1% and nickel decreased by 1.2%. Copper futures inched up by 0.7%.
USA’s existing home sales surged in Feb’23
Existing home sales in the US reversed a 12-month slide in February, registering the largest monthly percentage increase since July 2020, according to the National Association of realtors. Sales increased in all four major US regions m-o-m.
Total existing home sales completed transactions that include single family homes, townhomes, condominiums and cooperatives – vaulted 14.5% from January to a seasonally adjusted annual rate of 4.58 million in February. Sales dropped by 22.6% (down from 5.92 million in February 2022) y-o-y.
India
India’s imported aluminium scrap prices were volatile echoing fluctuations in the major commodity exchanges. The movement in aluminium prices turned unstable due to the liquidity crisis brought on by the turmoil in some overseas banks. However, the volatility was partially eased by precautionary steps taken by UBS. In China, many uncertainties are triggering market participants’ buying sentiment, while the supply side has improved slightly.
Domestic aluminium scrap prices were firm yesterday amid moderate transactions. Market participants are awaiting the upcoming price revision by a major auto producer, which may impact near-term price trends. Indian copper prices remained supported d-o-d yesterday. Even though there is selling pressure in the finished copper market, prices are less likely to see a major drop amid record lower stocks in the LME-registered warehouses.
Oil prices inch up
Brent oil futures inched up by 1.44% to $74.93 per barrel. Crude oil WTI futures inched up by 2% to $69.33 per barrel.
Prices of natural gas were recorded at $2.301/MMBtu at the time of publishing this insight, 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 103.39 at the time of publishing this insight. The index inched up by 0.11% against the last session.
The rupee was recorded at 82.65 against the US dollar, almost stable as against the previous closing.
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