Non-ferrous metals prices reflected volatile trends on all major commodity exchanges in the last trading session.
Three-month contract prices on the London Metal Exchange (LME) remained volatile. Aluminium prices rose 0.9%, zinc decreased by 1.1%, lead fell by 2.5%, copper increased by 0.2%, and nickel edged up by 0.1%.
On the Shanghai Futures Exchange (SHFE) copper dipped 0.59%, aluminium decreased by 1.02%, lead dropped 0.02%, and zinc lost 0.5%.
On the Multi Commodity Exchange (MCX), futures prices showed an uptrend. Nickel increased by 0.40% to INR 2,392/kg, copper rose by 0.12% to INR 776/kg, zinc rose by 0.08% to INR 295/kg. Lead edged up by 0.21% to INR 189/Kg and aluminium increased by 0.23% to INR 220/kg.
India
India’s aluminium scrap market saw supply shortage which trigerred the rise in prices after prices had remained firm for a few weeks.
Domestic aluminium tense scrap prices rose by 4.3% w-o-w (13-20 January) to INR 168,000/t exy-Delhi. Notably, aluminium stocks in LME warehouses witnessed a sharp fall of 22,075 t w-o-w.
Domestic copper armature scrap prices rose by 4.9% w-o-w during the same period to INR 693,000/t ($8,558/t) exy-Delhi.
Turkey
The consumer confidence index in Turkey rose to 79.1 in January from 75.6 in December, the highest since September 2021. Improvement in the current financial situation of households was also seen (61.6 vs 57.4 in December).
Oil prices increase
Brent oil futures went up by 1.59% to $87.59 per barrel, while crude oil WTI futures rose by 1.07% to $81.53 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 101.69 at the time of publishing this report, up by 0.47% against the opening session.
The rupee was recorded at 81.33 against the US dollar, depriciating by 0.4 paise against the previous closing.
Leave a Reply