Except for nickel, all non-ferrous metals prices on the London Metal Exchange (LME) have registered growth. Aluminium futures gained 0.3 per cent to $2,237 per tonne, while lead futures increased by 0.2 per cent to $2,078 per tonne. Copper prices increased by 2.2% to $8,135/t. Zinc prices, on the other hand, increased by 3.1% to $2,343/t. Nickel prices, on the other hand, fell 0.3% to $21,162/t.
According to Au Jibun Bank, Japan's manufacturing purchasing managers' index (PMI) improved to 50.8 in May 2023. This is a favourable development since it suggests that operational circumstances have improved for the first time since October 2022. The COMEX market (Commodity Exchange) shows that copper prices have risen by 3 per cent to $8,093 per tonne from $7,875 per tonne on the previous trading day. Positive changes in the PMI lead to price increases.
India's domestic aluminium scrap market on the other hand has slowed down, with fewer transactions recorded in the most recent session. The NALCO price increase has had little influence on the scrap market. According to market experts, prices may stay range-bound in the short future.
Copper scrap prices in India have risen by up to 1.2% year on year on the latest trading day. The scarcity of copper scrap material in northern India has caused its price to rise. Secondary rods, on the other hand, were in more demand in the market. In layman's terms, this signifies that the Japanese manufacturing sector is seeing better circumstances and growth than the previous month. It should be remembered that positive changes in the PMI lead to price increases.
The dollar index, which measures the value of the US dollar against a basket of six international currencies, was at 104.13. The index fell 0.08% from the previous session. The rupee was registered at 82.57 versus the dollar, up 0.20 paise from the previous day.
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