The three-month aluminium futures on the LME fell by 3.4 per cent to US$2,134 per tonne, while nickel settled at US$16,806 per tonne (down 1.4 per cent). Copper prices were US$8,448 per tonne, while zinc fell by 4.4 per cent to US$2,399 per tonne. Lead prices also decreased by 4.4 per cent to US$2,025 per tonne. The LME warehouse stock level exhibited mixed trends week over week.
SteelMint’s assessment suggests last week, there was a rise in copper inventories by 4.2 per cent W-o-W, increasing by 7,350 tonnes to reach 181,600 tonnes. This led to a decline in future prices for copper in the market. Similarly, non-ferrous metal prices in India displayed a downward trend, reflecting the global market trend. Prices of imported aluminium and domestic scrap also experienced a decline. Copper prices, on the other hand, remained range-bound. Zinc and lead prices declined modestly, and market activities remained sluggish throughout the week.
US employment data falls short of expectations, aluminium ingot continues destocking trend this week
