ALUMINIUM PRICES SLIP 0.29% AMIDST ROBUST SUPPLIES FROM CHINA
Aluminium prices fell -0.29% yesterday, settling at 203.7, despite strong supplies from China, the world’s largest producer of the metal. Concerns about demand have been raised by rising inventory levels in LME-registered warehouses and China. Though some analysts dismiss this as part of a seasonal pattern as consumers get ready for second-quarter consumption. This year,
ZINC PRICES DIP 0.58% AMID CONCERNS OVER CONSUMPTION RECOVERY
Zinc prices fell marginally, falling -0.58% to 223.15, as a result of ongoing imports of zinc ingots and worries about a slow recovery in consumption. Pressure increased when zinc inventories in Shanghai Futures Exchange warehouses increased by 11.3%. However, supply worries resulting from the South Korean smelter Seokpo’s output cut limited the downside. This large
COPPER SLIPS 0.09% ON PROFIT BOOKING DESPITE CHINA SUPPLY CONCERNS
Copper fell -0.09% yesterday, settling at 752.2, as profit booking offset earlier gains driven by shortages in China’s copper market. Prices were initially boosted by reports of possible output cuts by China’s North Copper, which came amid limited supplies of copper concentrates and cheaper processing fees. Nonetheless, a group of Chinese copper smelters decided to
NATURAL GAS SLIDES -1.11% TO Rs. 133.6, AMIDST NEAR-RECORD OUTPUT AND DISAPPOINTING STORAGE WITHDRAWAL
Natural gas prices experienced pressure from below, ultimately settling at 133.6, down -1.11% from the previous week’s close to record output and a lower-than-anticipated storage withdrawal. Warmer-than-normal weather that reduced demand for heating caused US utilities to withdraw 49 billion cubic feet of natural gas from the storage during the week closing February 9, 2024,
COPPER PRICES TUMBLE BY -0.35% AMID DOLLAR STRENGTH AND CHINESE INDUSTRIAL PESSIMISM
Copper prices experienced a decline in yesterday’s trading session, settling down 0.35% at 703.75. The dollar’s strength and the negative industrial sentiment prevalent in China. The world’s largest consumer of metals, were two of the factors blamed for this decline. Strong US labour data and hawkish comments from Fed Chair Powell supported the dollar’s rise.
MCX CRUDE OIL SOARS BY 2.87%: MIDDLE EAST TENSIONS AND GEOPOLITICAL RISKS DRIVE SURGE
Crude oil prices rose 2.87%, settling at 6307, as renewed tensions in the Middle East heightened concerns about supply disruptions. The prospect of additional U.S. military action against Iranian forces, along with Israeli Prime Minister Benjamin Netanyahu’s rejection of a ceasefire offer from Hamas, increased geopolitical risks. In terms of demand, official data showed that
Aluminium Inches Up by 0.1% to Settle at 200.9 Amidst Subdued Trading Ahead of Chinese Holiday
Aluminium prices rose 0.1%, settling at 200.9, as traders navigated a market marked by a lack of significant catalysts and low trading activity ahead of an extended public holiday in China, a major consumer of the metal. The China Nonferrous Metals Industry Association’s report, which showed a 30% drop in aluminium goods exported from China
Zinc Faces Substantial 2.51% Drop at 209.85 Amid China’s Economic Slowdown Fears
Zinc prices fell by -2.51% to 209.85, as concerns about an economic or demand slowdown in China, the world’s largest consumer, weighed on the market ahead of a grew public holiday. An additional blow to confidence was the news that the full ramp-up at Russia’s largest zinc mine. Ozernoye, would not begin operations until at
COPPER FACES HEADWINDS: -0.7% DECLINE TIED TO STRONG DOLLAR AND CHINA’S INDUSTRIAL SLOWDOWN
Copper prices fell -0.7% and closed at 706.25, driven by the strong dollar and cautious manufacturing sentiment in China, the world’s largest copper consumer. Strong labour data from the United States and hawkish remarks from Fed Chair Powell supported the strengthening of the dollar, which affected the purchasing power of important importers and raised benchmark
Silver Gains 0.16% to Settle at 70594 Amid Dollar and Bond Yield Retreats
Silver prices finished with a 0.16% gain, settling at 70594, as the US dollar or bond yields fell from current highs, countering hawkish remarks from the Federal Reserve (Fed) officials. Following remarks from Minneapolis Federal Reserve Bank President Neel Kashkari, who emphasised fewer risks to the United States economy and gave the central bank leeway