Downward trends observed in non-ferrous metal prices

On 14 April 2023, nonferrous metals prices on the London Metal Exchange (LME) displayed a downward trend. The three-month aluminium futures contract fell 0.8 per cent to $2,367 per tonne, while zinc prices fell 0.7 per cent to $2,837 per tonne. Lead prices fell by 1.1 per cent to $2,146 per tonne. Meanwhile, nickel prices fell 1.8 per cent to $23,698 per tonne. Copper futures rose 0.4 per cent to $9,058 per tonne.

AlCircle's latest industry-focused report, “Global Aluminium Industry Outlook 2023” unveils that world aluminium usage, including primary and recycled metal, increased by about 1.9 per cent in 2022 and stood at 95.3 million tonnes. The robust global aluminium market has temporarily been slowed down on account of the recent geopolitical and consequent economic crisis. The ongoing war will continue to affect the European demand for the metal. High inflation and the continuing threat of recession will negatively impact global aluminium demand, at least during the first half of 2023.

According to the Bureau of Labour Statistics, import prices in the United States fell 0.6 per cent in March after falling 0.2 per cent in February. Lower import prices were caused by lower gasoline and non-fuel import prices. Export prices fell by 0.3 per cent in March after rising by 0.4 per cent in February and 0.3 per cent in January.

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