The London Metal Exchange (LME) for non-ferrous metal prices kept falling, as recorded on April 25, 2023. The three-month contract for aluminium futures fell 1.9 per cent to $2,335/t. To $2,600/t, zinc prices decreased by 2.6 per cent. Lead prices dropped 1.7 per cent to $2,106/t. The price of nickel decreased by 5 per cent to $23,341/t. The price of copper futures dipped 2.3 per cent to close at $8,528/t.
In March 2023, the year-on-year (y-o-y) increase in Australia's monthly Consumer Price Index (CPI) was 6.3 per cent, a decrease from the 6.8 per cent rise witnessed in February 2023. This figure was also lower than the market anticipation of 6.5 per cent. The drop represented the third consecutive month of declining annual inflation and marked the "slowest growth rate" since May 2022. Primary factors contributing to this deceleration were slower price increases in the housing and transportation sectors.
According to the latest industry-focused report by AlCircle, 'Global Aluminium Industry Outlook 2023' unveils that the transportation industry would be one of the key demand drivers for aluminium.
However, the outlook reported also predicted that the price of aluminium in H12023 would remain undervalued, but uptrends anticipated for the later part of the year and the resumption of the Chinese economy have definitely thrown a positive power to the aluminium industry.
Received under the content exchange agreement with SteelMint
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