Economic Weekly Wrap
13 March 2023 - 17 March 2023
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13 Mar 2023
In an effort to revive confidence on the banking system, US regulators announced several measures. 1) Fed announced a new ‘Bank Term Funding Program’ (BTFP) which will offer 1-year loans to banks, to ease liquidity pressure. Further, Department of Treasury will make available up to US$ 25bn from the Exchange Stabilization Fund as a backstop for the BTFP 2) Fed has also announced that depository institutions may avail liquidity against a wide range of collateral through the discount window. Elsewhere, US payroll addition strengthened rising by 311K against expectation of 225K in Feb’23. However, average hourly earnings on MoM basis slightly softened rising by 0.2% against expectation of 0.3%. Elsewhere in China, policy continuity prevailed and liquidity support is expected in the near term.
Global stocks witnessed a sharp sell-off, with most major indices shedding more than 1%. Concerns surrounding the health of the US banking sector amidst the SVB crisis and its spill over, kept investors jittery. Sensex too ended in red, declining by 1.1%. Banking and capital goods stocks fell the most. However, it is trading higher today, while other Asian stocks are trading mixed.
Fig 1 – Stock markets
9-03-2023 10-03-2023 % change Dow Jones 32,255 31,910 (1.1) S & P 500 3,918 3,862 (1.4) FTSE 7,880 7,748 (1.7) Nikkei 28,623 28,144 (1.7) Hang Seng 19,926 19,320 (3.0) Shanghai Comp 3,276 3,230 (1.4) Sensex 59,806 59,135 (1.1) Nifty 17,590 17,413 (1.0) Source: Bloomberg, Bank of Baroda Research
Except INR (weaker), other global currencies appreciated against the dollar. DXY fell by 0.7% after US jobs report. Rise in unemployment rate and slower wage growth have lowered the expectations of a 50bps rate hike by Fed. GBP gained the most by 0.9% as UK’s GDP rose by 0.3% in Jan’23 versus estimated 0.1% increase. INR depreciated by 0.1% amidst a rise in oil prices. However, it is trading stronger today while other Asian currencies are trading mixed.
Fig 2 – Currencies
9-03-2023 10-03-2023 % change EUR/USD (1 EUR / USD) 1.0581 1.0643 0.6 GBP/USD (1 GBP / USD) 1.1925 1.2030 0.9 USD/JPY (JPY / 1 USD) 136.15 135.03 0.8 USD/INR (INR / 1 USD) 81.98 82.05 (0.1) USD/CNY (CNY / 1 USD) 6.9651 6.9172 0.7 Source: Bloomberg, Bank of Baroda Research
Except China (stable), global yields fell sharply. Markets kept assessing the repercussion of fallout of SVB on the financial system. US 10Y yield fell the most by 20bps, followed by UK (-16bps) and Germany (-14bps). A lower than expected rise in average hourly earnings also indicated that Fed rate hike may not be as aggressive as expected earlier. India’s 10Y yield closed a tad lower by 1bps (7.42%). It is trading lower at 7.37% today, tracking fall in global yields.
Fig 3 – Bond 10Y yield
9-03-2023 10-03-2023 change in bps US 3.90 3.70 (20) UK 3.80 3.64 (16) Germany 2.64 2.51 (14) Japan 0.51 0.41 (10) China 2.88 2.88 0 India 7.43 7.42 (1) Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
9-03-2023 10-03-2023 change in bps Tbill-91 days 6.92 6.85 (7) Tbill-182 days 7.35 7.30 (5) Tbill-364 days 7.44 7.38 (6) G-Sec 2Y 7.38 7.37 (1) SONIA int rate benchmark 3.93 3.93 0 US SOFR 4.55 4.55 - Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
Rs tn 9-03-2023 10-03-2023 change (Rs tn) Net Liquidity (-Surplus/+deficit) (0.5) 0 0.5 Reverse repo 0.1 0 0 Repo 0 0 0 Source: RBI, Bank of Baroda Research
Fig 6 – Capital market flows
8-03-2023 9-03-2023 change (US$ mn/Rs cr) FII (US$ mn) 329.2 (198.2) (527.4) Debt (152.1) (142.9) 9.3 Equity 481.3 (55.4) (536.7) Mutual funds (Rs cr) 2,812.4 (405.2) (3,217.6) Debt (767.8) (844.0) (76.2) Equity 3,580.2 438.8 (3,141.4) Source: Bloomberg, Bank of Baroda Research │Note: Mutual funds data as of 28 Feb 2023 and 1 Mar 2023
Global oil prices rose by 1.5% after US jobs data suggested that the Fed may opt for a smaller rate hike in Mar’23. A fall in DXY also supported prices.
Fig 7 – Commodities
9-03-2023 10-03-2023 % change Brent crude (US$/bbl) 81.6 82.8 1.5 Gold (US$/ Troy Ounce) 1,831.0 1,868.3 2.0 Copper (US$/ MT) 8,832.3 8,847.0 0.2 Zinc (US$/MT) 2,994.5 2,954.8 (1.3) Aluminium (US$/MT) 2,328.0 2,313.0 (0.6) Source: Bloomberg, Bank of Baroda Research
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14 Mar 2023
Global rate hike expectations took a beating prompted by fears of possible financial crisis in the aftermath of the collapse of US bank. Expectation of steep rate hike by Fed has been abandoned with analysts pricing (50% chance) in no rate cut in next week. Global markets continued to tumble yet again even as Fed had announced emergency measures to curtail the risk. Markets remained in panic mode over fears of contagion risk, which was largely downplayed by global heads. Amidst these uncertainties, markets will cue in towards the upcoming US CPI data. Elsewhere in India, headline inflation eased to 6.4% in Feb’23 (6.5% in Jan’23) with core remaining sticky. RBI will raise rates by 25bps with inflation remaining above its upper band for 2nd month in a row.
Barring Hang Seng and Shanghai Comp, global stocks witnessed sharp losses as investors continued to monitor the aftermath of the collapse of US bank and its implication on the financial market. FTSE dropped the most, hitting a 2- month low. Sensex too ended in deep red (1.5%), on the back of the global cues. Banking and auto stocks suffered the most. However, it is trading higher today, while other Asian stocks are trading lower.
Fig 1 – Stock markets
10-03-2023 13-03-2023 % change Dow Jones 31,910 31,819 (0.3) S & P 500 3,862 3,856 (0.2) FTSE 7,748 7,549 (2.6) Nikkei 28,144 27,833 (1.1) Hang Seng 19,320 19,696 1.9 Shanghai Comp 3,230 3,269 1.2 Sensex 59,135 58,238 (1.5) Nifty 17,413 17,154 (1.5) Source: Bloomberg, Bank of Baroda Research
Except INR (weaker), other global currencies appreciated against the dollar. DXY fell by 0.9% over concerns of a possible systemic crisis stemming from the collapse of US bank. There is a likelihood of possibly no rate cuts in the upcoming Fed policy meet, as per analysts. INR depreciated by 0.1%. It is trading weaker today while other Asian currencies are trading mixed.
Fig 2 – Currencies
10-03-2023 13-03-2023 % change EUR/USD (1 EUR / USD) 1.0643 1.0731 0.8 GBP/USD (1 GBP / USD) 1.2030 1.2183 1.3 USD/JPY (JPY / 1 USD) 135.03 133.21 1.4 USD/INR (INR / 1 USD) 82.05 82.13 (0.1) USD/CNY (CNY / 1 USD) 6.9172 6.8483 1.0 Source: Bloomberg, Bank of Baroda Research
Except China (flat), global yields fell sharply. Emergency measures by Fed failed to cool off the investor sentiments in the wake of bank failure. UK 10Y yield fell the most by 27bps, followed by Germany (-25bps) and US (-13bps). Fed is expected to be a lot less aggressive as investors rushed towards safe heaven assets. India’s 10Y yield closed lower by 6bps (7.36%). It is trading a tad lower by 1bps today, CPI data for Feb’23 (6.4%), registered moderation.
Fig 3 – Bond 10Y yield
10-03-2023 13-03-2023 change in bps US 3.70 3.57 (13) UK 3.64 3.37 (27) Germany 2.51 2.26 (25) Japan 0.41 0.35 (6) China 2.88 2.88 0 India 7.42 7.36 (6) Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
10-03-2023 13-03-2023 change in bps Tbill-91 days 6.85 6.89 4 Tbill-182 days 7.30 7.20 (10) Tbill-364 days 7.38 7.29 (9) G-Sec 2Y 7.37 7.25 (11) SONIA int rate benchmark 3.93 3.93 0 US SOFR 4.55 4.55 0 Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
Rs tn 10-03-2023 13-03-2023 change (Rs tn) Net Liquidity (-Surplus/+deficit) 0 0 0 Reverse repo 0 0 0 Repo 0 0 0 Source: RBI, Bank of Baroda Research
Fig 6 – Capital market flows
9-03-2023 10-03-2023 change (US$ mn/Rs cr) FII (US$ mn) (198.2) (304.7) (106.5) Debt (142.9) (89.6) 53.3 Equity (55.4) (215.1) (159.8) Mutual funds (Rs cr) 1,037.2 1,013.3 (23.8) Debt (420.0) (328.1) 91.9 Equity 1,457.2 1,341.5 (115.7) Source: Bloomberg, Bank of Baroda Research │Note: Mutual funds data as of 28 Feb 2023 and 1 Mar 2023
Global oil prices tumbled down by 2.4% to US$ 80.8/bbl amidst uncertainties after the collapse of US bank, raising concerns over financial crisis.
Fig 7 – Commodities
10-03-2023 13-03-2023 % change Brent crude (US$/bbl) 82.8 80.8 (2.4) Gold (US$/ Troy Ounce) 1,868.3 1,913.7 2.4 Copper (US$/ MT) 8,847.0 8,918.3 0.8 Zinc (US$/MT) 2,954.8 2,969.0 0.5 Aluminium (US$/MT) 2,313.0 2,333.5 0.9 Source: Bloomberg, Bank of Baroda Research
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15 Mar 2023
In line with market expectations, US CPI rose by 0.4% (MoM) in Feb’23, slightly down from 0.5% in Jan’23. However, core CPI still remains a concern as it rose by 0.5% from 0.4%. This has increased the probability of 25bps rate hike in Fed’s upcoming meeting. Equities and bond yields in US and Europe gained as investor sentiment improved. China’s data for Jan-Feb’23 showed that while industrial production data missed analysts’ estimates, retail sales and FAI posted strong gains. Industrial production was up by 2.4% (est.: 2.6%) versus 1.3% in Dec’22, while retail sales rose in line with expectations (+3.5%) following 1.8% decline in Dec’22. FAI rose by 5.5% (est.: 4.5%) in CYTD23, up from 5.1% last year. However, real estate investment continues to decline (-5.7%), albeit at a slower pace (-10.1% last year).
Global indices ended mixed. Hang Seng (2.3%) dropped the most followed by losses in Nikkei. US and UK indices rebounded after US inflation cooled off and fears of banking crisis faded. Moderation in inflation will now prompt Fed to go in for a smaller rate hike (25bps) than was anticipated. Domestic market ended the day in red led by sharp losses in IT and power stocks. However, it is trading higher today driven by positive global cues and in line with other Asian stocks
Fig 1 – Stock markets
13-03-2023 14-03-2023 % change Dow Jones 31,819 32,155 1.1 S & P 500 3,856 3,919 1.6 FTSE 7,549 7,637 1.2 Nikkei 27,833 27,222 (2.2) Hang Seng 19,696 19,248 (2.3) Shanghai Comp 3,269 3,245 (0.7) Sensex 58,238 57,900 (0.6) Nifty 17,154 17,043 (0.6) Source: Bloomberg, Bank of Baroda Research
Except EUR (flat), other global currencies depreciated against the dollar. DXY remained steady after calls of rate cuts were dialled down as fears of banking crisis eased. US inflation moderated with focus shifting towards Fed’s possibly hiking rate by 25bps. INR depreciated by 0.4%. It is trading stronger today while other Asian currencies are trading mixed.
Fig 2 – Currencies
13-03-2023 14-03-2023 % change EUR/USD (1 EUR / USD) 1.0731 1.0733 0 GBP/USD (1 GBP / USD) 1.2183 1.2158 (0.2) USD/JPY (JPY / 1 USD) 133.21 134.22 (0.8) USD/INR (INR / 1 USD) 82.13 82.49 (0.4) USD/CNY (CNY / 1 USD) 6.8483 6.8735 (0.4) Source: Bloomberg, Bank of Baroda Research
Global yields closed higher in US and Europe while they fell/remained flat in Asia. Following slowdown in US’ latest CPI print for Feb’23, investors are now expecting only a 25bps rate hike. While the yield curve still remains steep, the gap has narrowed to its lowest since Jan’23. Risk of contagion from small bank failures in the US also seems limited, which helped soothe investor sentiment. India’s 10Y yield rose by 1bps and it is trading flat today.
Fig 3 – Bond 10Y yield
13-03-2023 14-03-2023 change in bps US 3.57 3.69 12 UK 3.37 3.49 12 Germany 2.26 2.42 16 Japan 0.35 0.27 (7) China 2.88 2.88 0 India 7.36 7.37 1 Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
13-03-2023 14-03-2023 change in bps Tbill-91 days 6.89 6.85 (4) Tbill-182 days 7.20 7.22 2 Tbill-364 days 7.29 7.25 (4) G-Sec 2Y 7.25 7.19 (6) SONIA int rate benchmark 3.93 3.93 0 US SOFR 4.55 4.55 0 Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
Rs tn 13-03-2023 14-03-2023 change (Rs tn) Net Liquidity (-Surplus/+deficit) 0 (0.3) (0.3) Reverse repo 0 0 0 Repo 0.8 0.8 0 Source: RBI, Bank of Baroda Research
Fig 6 – Capital market flows
10-03-2023 13-03-2023 change (US$ mn/Rs cr) FII (US$ mn) (304.7) 405.9 710.6 Debt (89.6) 38.6 128.2 Equity (215.1) 367.3 582.4 Mutual funds (Rs cr) 1,029.5 203.1 (826.4) Debt 1,105.4 (148.5) (1,253.8) Equity (75.9) 351.6 427.5 Source: Bloomberg, Bank of Baroda Research │Note: Mutual funds data as of 28 Feb 2023 and 1 Mar 2023
Global oil prices declined by 4.1% to US$ 77.5/bbl amidst uncertainties in the global demand. Gold prices slipped after treasury yield inched up.
Fig 7 – Commodities
13-03-2023 14-03-2023 % change Brent crude (US$/bbl) 80.8 77.5 (4.1) Gold (US$/ Troy Ounce) 1,913.7 1,904.0 (0.5) Copper (US$/ MT) 8,918.3 8,809.0 (1.2) Zinc (US$/MT) 2,969.0 2,925.0 (1.5) Aluminium (US$/MT) 2,333.5 2,352.5 0.8 Source: Bloomberg, Bank of Baroda Research
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16 Mar 2023
Global financial sector received a fresh jolt following the release of annual report of Credit Suisse. The report admitted to “material weakness in financial reporting process in CY21 and CY22”. In addition to this, its largest financial backer-Saudi National Bank also announced that it will not provide any additional capital to the bank. Swiss regulators have offered to provide support and the bank has announced it will borrow 50bn Swiss francs (US$ 54bn) from the central bank of Switzerland under a covered loan facility. The regulator has also reaffirmed that Credit Suisse does meet all the necessary capital liquidity requirements and it stands ready to step in if there is any change in the situation. Separately, in line with expectations, retail sales in the US fell by -0.4% (MoM) in Feb’23 following 3% increase in Jan’23. PPI also fell (-0.1% MoM) unexpectedly (est.: +0.3%).
Barring markets in Asia (ex-India), other global indices ended lower. FTSE (- 3.8%) and Dow Jones fell the most as annual report of Credit Suisse sent jitters through the markets. News of “material weakness” in reporting process and Saudi National Bank’s refusal to give additional capital, raised concerns over bank’s stability. Domestic markets ended in red, dragged by banking, realty and tech stocks. It is trading further lower today, in line with other Asian stocks.
Fig 1 – Stock markets
14-03-2023 15-03-2023 % change Dow Jones 32,155 31,875 (0.9) S & P 500 3,919 3,892 (0.7) FTSE 7,637 7,344 (3.8) Nikkei 27,222 27,229 0 Hang Seng 19,248 19,540 1.5 Shanghai Comp 3,245 3,263 0.6 Sensex 57,900 57,556 (0.6) Nifty 17,043 16,972 (0.4) Source: Bloomberg, Bank of Baroda Research
Except JPY (higher), other global currencies depreciated against the dollar. DXY jumped 1% as demand for safe haven was driven by renewed concerns of global banking crisis. INR depreciated by 0.1%. Following global cues, it is trading further weaker today, in with other Asian currencies.
Fig 2 – Currencies
14-03-2023 15-03-2023 % change EUR/USD (1 EUR / USD) 1.0733 1.0577 (1.5) GBP/USD (1 GBP / USD) 1.2158 1.2057 (0.8) USD/JPY (JPY / 1 USD) 134.22 133.42 0.6 USD/INR (INR / 1 USD) 82.49 82.60 (0.1) USD/CNY (CNY / 1 USD) 6.8735 6.9063 (0.5) Source: Bloomberg, Bank of Baroda Research
Apart from Japan (higher) and China (flat), other global yields closed lower. 10Y yields in Germany and US fell the most, followed by UK. Fears of global banking sector crisis sparked by annual report of Credit Suisse, weakness in US retail sales, and unexpected decline in US PPI, impacted investor sentiments. India’s 10Y yield fell by 3bps as oil prices declined significantly. It is trading lower at 7.32% today.
Fig 3 – Bond 10Y yield
14-03-2023 15-03-2023 change in bps US 3.69 3.45 (23) UK 3.49 3.32 (17) Germany 2.42 2.13 (29) Japan 0.27 0.33 6 China 2.88 2.88 0 India 7.37 7.34 (3) Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
14-03-2023 15-03-2023 change in bps Tbill-91 days 6.85 6.84 (1) Tbill-182 days 7.22 7.24 2 Tbill-364 days 7.25 7.29 4 G-Sec 2Y 7.19 7.20 1 SONIA int rate benchmark 3.93 3.93 0 US SOFR 4.55 4.55 0 Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
Rs tn 14-03-2023 15-03-2023 change (Rs tn) Net Liquidity (-Surplus/+deficit) (0.4) 0.5 0.9 Reverse repo 0 0 0 Repo 0.8 0.8 0 Source: RBI, Bank of Baroda Research
Fig 6 – Capital market flows
13-03-2023 14-03-2023 change (US$ mn/Rs cr) FII (US$ mn) 405.9 (173.6) (579.5) Debt 38.6 94.6 56.0 Equity 367.3 (268.2) (635.5) Mutual funds (Rs cr) 1,029.5 203.1 (826.4) Debt 1,105.4 (148.5) (1,253.8) Equity (75.9) 351.6 427.5 Source: Bloomberg, Bank of Baroda Research │Note: Mutual funds data as of 28 Feb 2023 and 1 Mar 2023
Global oil prices declined by 4.9% to US$ 74/bbl as fresh uncertainties around another banking sector crisis revived the fears of recession.
Fig 7 – Commodities
14-03-2023 15-03-2023 % change Brent crude (US$/bbl) 77.5 73.7 (4.9) Gold (US$/ Troy Ounce) 1,904.0 1,918.6 0.8 Copper (US$/ MT) 8,809.0 8,480.8 (3.7) Zinc (US$/MT) 2,925.0 2,876.0 (1.7) Aluminium (US$/MT) 2,352.5 2,277.0 (3.2) Source: Bloomberg, Bank of Baroda Research
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17 Mar 2023
Global financial sector recovered in the last trading session as 11 private US banks including big banks like JP Morgan, Citigroup, Bank of America, pledged to provide US$ 30bn support to regional US Bank, First Republic. Credit Suisse also availed the emergency credit line (US$ 54bn) to strengthen its liquidity. Despite the volatile situation, ECB raised rates by 50bps, as it feels banks in the Eurozone are well covered and that higher rates will benefit profit margins of banks. It also reaffirmed its commitment to lower inflation and provide any liquidity support to European banks if needed. In the US, economy remains resilient so far as jobless claims fell (-20k) to 192k (est.: 205k) as of week ending 11 March 2023. Housing starts (single and multi-family) also rose by 9.8% (MoM) on hopes of lower mortgage rates.
Barring markets in Asia (ex-India), other global indices ended higher. Markets in US and UK rose the most. Investors reacted to the news of big US banks pledging US$ 30bn for First Republic Bank to strengthen its liquidity. Tech stocks also rallied higher as investors are hoping for a dovish outlook from Fed next week. Domestic markets too ended in green, led by oil & gas, power and realty stocks. It is trading further higher today, in line with other Asian stocks.
Fig 1 – Stock markets
15-03-2023 16-03-2023 % change Dow Jones 31,875 32,247 1.2 S & P 500 3,892 3,960 1.8 FTSE 7,344 7,410 0.9 Nikkei 27,229 27,011 (0.8) Hang Seng 19,540 19,204 (1.7) Shanghai Comp 3,263 3,227 (1.1) Sensex 57,556 57,635 0.1 Nifty 16,972 16,986 0.1 Source: Bloomberg, Bank of Baroda Research
Except JPY and INR (lower), other global currencies rose against the dollar. DXY fell by 0.2% as risk appetite improved, following rescuing of the First Republic Bank. ECB’s rate hike also supported Euro. INR fell by 0.2%, and news reports indicate that it refrained from breaching 83/$ mark owing to RBI’s intervention. It is trading higher today, in with other Asian currencies.
Fig 2 – Currencies
15-03-2023 16-03-2023 % change EUR/USD (1 EUR / USD) 1.0577 1.0610 0.3 GBP/USD (1 GBP / USD) 1.2057 1.2109 0.4 USD/JPY (JPY / 1 USD) 133.42 133.74 (0.2) USD/INR (INR / 1 USD) 82.60 82.74 (0.2) USD/CNY (CNY / 1 USD) 6.9063 6.8980 0.1 Source: Bloomberg, Bank of Baroda Research
Apart from yields in Asia, 10Y yields in US and Europe closed higher. Yields rose the most in Germany and US, as both Credit Suisse and First Republic Bank got liquidity support. Macro data from US also shows that economic strength continues (lower jobless claims and rise in housing starts). A 50bps hike by ECB also led to jump in treasury yields. India’s 10Y yield fell by 1bps. It is trading higher at 7.36% today, following global cues.
Fig 3 – Bond 10Y yield
15-03-2023 16-03-2023 change in bps US 3.45 3.58 12 UK 3.32 3.43 10 Germany 2.13 2.29 16 Japan 0.33 0.32 (1) China 2.88 2.87 0 India 7.34 7.34 (1) Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
15-03-2023 16-03-2023 change in bps Tbill-91 days 6.84 6.76 (8) Tbill-182 days 7.24 7.23 (1) Tbill-364 days 7.29 7.25 (4) G-Sec 2Y 7.20 7.19 (1) SONIA int rate benchmark 3.93 3.93 0 US SOFR 4.55 4.58 3 Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
Rs tn 15-03-2023 16-03-2023 change (Rs tn) Net Liquidity (-Surplus/+deficit) 0.5 1.1 0.6 Reverse repo 0 0 0 Repo 0.8 0.8 0 Source: RBI, Bank of Baroda Research
Fig 6 – Capital market flows
14-03-2023 15-03-2023 change (US$ mn/Rs cr) FII (US$ mn) (173.6) (136.4) 37.2 Debt 94.6 14.7 (79.9) Equity (268.2) (151.1) 117.1 Mutual funds (Rs cr) 1,029.5 203.1 (826.4) Debt 1,105.4 (148.5) (1,253.8) Equity (75.9) 351.6 427.5 Source: Bloomberg, Bank of Baroda Research │Note: Mutual funds data as of 28 Feb 2023 and 1 Mar 2023
Global oil prices rose by 1.4%, led by recovery in financial markets and news of meeting of ministers of Russia and Saudi Arabia to discuss OPEC+’s efforts.
Fig 7 – Commodities
15-03-2023 16-03-2023 % change Brent crude (US$/bbl) 73.7 74.7 1.4 Gold (US$/ Troy Ounce) 1,918.6 1,919.5 0 Copper (US$/ MT) 8,480.8 8,508.8 0.3 Zinc (US$/MT) 2,876.0 2,871.0 (0.2) Aluminium (US$/MT) 2,277.0 2,267.5 (0.4) Source: Bloomberg, Bank of Baroda Research
