Ferrous metal prices continue to be in the new as they are on the ascent. However, non-ferrous metals prices also are also trading higher.
Copper and aluminium prices in India are trading at all-time highs. LME Nickel is trading at a two-month high and on the global markets, nickel prices are trading at three-month highs.
The strength is a result of the weakness in the US dollar and this is especially after the Fed statement where Powell said that economic recovery requires further support. The metals are taking positive cues from there.
Also, the US and China recovery has been stronger, demand has continued to go up, economic data has been positive as well especially for these two consuming countries and that is taking the price higher.
CNBC-TV18’s Manisha Gupta has more details. Watch the video