Aluminium, zinc, lead, nickel, tinMixed
Risk-off sell-off on Thursday, partial recovery on Friday
Tin fell about 5% and lead, zinc, nickel and aluminium each lost at least 1% on Thursday as oil jumped and equities fell. Prices steadied on Friday. Aluminium is trading below its levels earlier in the year.
For your business: Aluminium and zinc scrap rates have softened slightly. Short-term swings are large, so lock prices on the day of the deal rather than relying on last week’s quote.
RupeePrices up
Rupee near its record low around ₹96.8 per dollar
The rupee ended the week near ₹96.8 per dollar, close to its all-time low of ₹96.96, despite the RBI stepping in and raising interest rates for the first time in nearly four years. A strong dollar, high oil prices and foreign outflows are weighing on the currency.
For your business: A weaker rupee makes imported metal and scrap dearer in rupee terms, which supports domestic scrap prices even when LME prices are flat.