Economic Weekly Wrap
08 May 2023 - 12 May 2023
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08 May 2023
Global markets monitored US payroll data, which remained buoyant with non- farm payroll rising by 253K in Apr’23 from 165K in Mar’23 and against est.: level of 185K. Average hourly earnings on MoM basis has also picked up by 0.5% against 0.3% earlier. Even unemployment rate edged down to3.4% from 3.5% in Mar’23. This builds up the case of a prolonged pause by Fed instead of a rate cut. Elsewhere, ECB hinted that policy might be restrictive due to stubbornly high inflation. The coming week is crucial in terms of US CPI data and BoE policy decision. For India as well, CPI data is crucial which will hold the key whether 10Y yield will drop below the 7% mark or not.
Global yields closed mixed. Investors remained cautious tracking US payroll data which showed resilience in the labour market. Thus cases build up for prolonged pause from the Fed rather than a rate cut. Even St Louis Fed President spoke of a wait and watch approach. US stocks rose the most followed by FTSE. Shanghai comp fell by 0.5%, as corporate profit remained lacklustre. Sensex also fell by 1.1%, dragged down by banking stocks. However, it is trading higher today, while Asian stocks are trading mixed.
Fig 1 – Stock markets
04-05-2023 05-05-2023 % change Dow Jones 33,128 33,674 1.7 S & P 500 4,061 4,136 1.8 FTSE 7,703 7,778 1.0 Nikkei 29,123 29,158 0.1 Hang Seng 19,949 20,049 0.5 Shanghai Comp 3,350 3,335 (0.5) Sensex 61,749 61,054 (1.1) Nifty 18,256 18,069 (1.0) Source: Bloomberg, Bank of Baroda Research
Global currencies closed mixed. DXY fell by 0.2% as sentiments still hover around some policy space on the back of a ‘mild recession’ as flagged by Fed Chair. GBP appreciated the most by 0.5% ahead of BoE policy where 25bps rate hike is expected. JPY depreciated by 0.4%. INR closed stable. It is trading stronger today, in line with other Asian currencies.
Fig 2 – Currencies
04-05-2023 05-05-2023 % change EUR/USD (1 EUR / USD) 1.1012 1.1019 0.1 GBP/USD (1 GBP / USD) 1.2574 1.2636 0.5 USD/JPY (JPY / 1 USD) 134.29 134.80 (0.4) USD/INR (INR / 1 USD) 81.83 81.80 0 USD/CNY (CNY / 1 USD) 6.9113 6.9094 0 Source: Bloomberg, Bank of Baroda Research
Global yields closed mixed. UK’s 10Y yield rose the most by 13bps as market is pricing in a 25bps rate hike. Germany’s 10Y yield also rose by 10bps as ECB President hinted at ‘not pausing’. China’s 10Y yield fell by 3bps on expectation of stimulus. India’s 10Y yield rose a tad by 1bps (7.01%). It is trading at 7.02%.
Fig 3 – Bond 10Y yield
04-05-2023 05-05-2023 change in bps US 3.38 3.44 6 UK 3.65 3.78 13 Germany 2.19 2.29 10 Japan 0.42 0.42 0 China 2.76 2.74 (3) India 7.01 7.01 1 Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
04-05-2023 05-05-2023 change in bps Tbill-91 days 6.87 6.86 (1) Tbill-182 days 6.97 6.97 0 Tbill-364 days 6.98 6.98 0 G-Sec 2Y 6.84 6.85 1 India OIS-2M 6.59 6.61 2 India OIS-9M 6.60 6.61 1 SONIA int rate benchmark 4.18 4.18 0 US SOFR 4.81 5.06 25 Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
Rs tn 03-05-2023 04-05-2023 change (Rs tn) Net Liquidity (-Surplus/+deficit) (0.7) (0.5) 0.2 Reverse repo 0.2 0 (0.2) Repo 0 0 0 Source: RBI, Bank of Baroda Research
Fig 6 – Capital market flows
02-05-2023 03-05-2023 change (US$ mn/Rs cr) FII (US$ mn) 239.3 30.3 (209.0) Debt (126.6) (139.5) (12.8) Equity 365.9 169.7 (196.2) Mutual funds (Rs cr) (9,588.8) 160.9 9,749.7 Debt (4,135.2) 203.0 4,338.1 Equity (5,453.7) (42.1) 5,411.6 Source: Bloomberg, Bank of Baroda Research │Note: Mutual funds data as of 27 Apr 2023 and 28 Apr 2023
Crude oil prices rose by 3.9%, supported by sentiments that accommodative policy space would bolster demand conditions.
Fig 7 – Commodities
04-05-2023 05-05-2023 % change Brent crude (US$/bbl) 72.5 75.3 3.9 Gold (US$/ Troy Ounce) 2,050.3 2,016.8 (1.6) Copper (US$/ MT) 8,474.4 8,560.3 1.0 Zinc (US$/MT) 2,614.8 2,679.3 2.5 Aluminium (US$/MT) 2,287.0 2,318.5 1.4 Source: Bloomberg, Bank of Baroda Research
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09 May 2023
Amongst major developments has been better than expected exports growth in China by 8.5% in Apr’23 (est.: 8%), albeit slower compared to 14.8% growth in Mar’23, on YoY basis. Imports on the other hand, fell sharply by 7.9% (est.: -0.2%) and against 1.4% decline in Mar’23.Elsewhere, in Australia as well as in Japan, household spending remained muted. In Germany, industrial production fell more than expected in Mar’23, on sequential basis. Notably, Shanghai Comp rose to its highest since 28 Jun 2022, as traders are pricing in policy support for State run firms to boost demand conditions. On the other hand, Federal Reserve’s Senior Loan Officer Opinion Survey pointed out tighter credit conditions in the economy. On domestic front, Fitch has retained India's credit rating at BBB-.
Stocks in US closed mixed as investors monitor developments around debt ceiling talks. Investors also await US CPI report. Asian stocks (barring Nikkei), edged up amidst improvement in risk sentiment. Shanghai Comp rose the most by 1.8%, led by banking and energy stocks. Sensex rose by 1.2% supported by gains in auto and banking stocks. It is trading further higher today, while Asian stocks are trading mixed.
Fig 1 – Stock markets
05-05-2023 08-05-2023 % change Dow Jones 33,674 33,619 (0.2) S & P 500 4,136 4,138 0.0 FTSE 7,703 7,778 1.0 Nikkei 29,158 28,950 (0.7) Hang Seng 20,049 20,297 1.2 Shanghai Comp 3,335 3,395 1.8 Sensex 61,054 61,764 1.2 Nifty 18,069 18,264 1.1 Source: Bloomberg, Bank of Baroda Research
Except INR (flat), other global currencies edged lower against the dollar. DXY rose by 0.2% as US credit conditions tightened less than expected, despite the banking crisis. EUR fell by 0.1% as Germany’s industrial production declined in Mar’23. INR is trading weaker today, in line with other Asian currencies.
Fig 2 – Currencies
05-05-2023 08-05-2023 % change EUR/USD (1 EUR / USD) 1.1019 1.1004 (0.1) GBP/USD (1 GBP / USD) 1.2636 1.2618 (0.1) USD/JPY (JPY / 1 USD) 134.80 135.10 (0.2) USD/INR (INR / 1 USD) 81.80 81.80 (0.0) USD/CNY (CNY / 1 USD) 6.9094 6.9142 (0.1) Source: Bloomberg, Bank of Baroda Research
Except Japan (stable), global yields closed higher. UK’s 10Y yield rose the most by 13bps as market is expecting rate hike spree to continue amidst recent buoyant macro readings and heated inflation data. US 10Y yield also rose by 7bps, post solid job’s data. India’s 10Y yield rose by 4bps. It is trading at 7.04%.
Fig 3 – Bond 10Y yield
05-05-2023 08-05-2023 change in bps US 3.44 3.51 7 UK 3.65 3.78 13 Germany 2.29 2.32 3 Japan 0.42 0.42 (0) China 2.74 2.75 1 India 7.01 7.05 4 Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
05-05-2023 08-05-2023 change in bps Tbill-91 days 6.86 6.87 1 Tbill-182 days 6.97 6.98 1 Tbill-364 days 6.98 7.00 2 G-Sec 2Y 6.85 6.86 1 India OIS-2M 6.61 6.65 4 India OIS-9M 6.60 6.64 4 SONIA int rate benchmark 4.18 4.18 0 US SOFR 5.06 5.06 - Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
Rs tn 04-05-2023 08-05-2023 change (Rs tn) Net Liquidity (-Surplus/+deficit) (0.5) (0.2) 0.3 Reverse repo 0 0.1 0.1 Repo 0 0 0 Source: RBI, Bank of Baroda Research
Fig 6 – Capital market flows
03-05-2023 04-05-2023 change (US$ mn/Rs cr) FII (US$ mn) 30.3 565.7 535.5 Debt (139.5) 94.4 233.9 Equity 169.7 471.4 301.6 Mutual funds (Rs cr) (9,588.8) 160.9 9,749.7 Debt (4,135.2) 203.0 4,338.1 Equity (5,453.7) (42.1) 5,411.6 Source: Bloomberg, Bank of Baroda Research │Note: Mutual funds data as of 27 Apr 2023 and 28 Apr 2023
Crude oil prices rose further by 2.3% amidst easing concerns over US growth. Supply disruptions due to wildfires in Canada also supported prices.
Fig 7 – Commodities
05-05-2023 08-05-2023 % change Brent crude (US$/bbl) 75.3 77.0 2.3 Gold (US$/ Troy Ounce) 2,016.8 2,021.2 0.2 Copper (US$/ MT) 8,474.4 8,560.3 1.0 Zinc (US$/MT) 2,614.8 2,679.3 2.5 Aluminium (US$/MT) 2,287.0 2,318.5 1.4 Source: Bloomberg, Bank of Baroda Research
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10 May 2023
Fed officials reflected divergent tone about course of Fed rate. While Fed Governor Philip Jefferson hinted that economy is slowing down in an orderly fashion and comfort is there in terms of inflation; New York Fed President said that it’s too soon to say that Fed is done with rate hikes. He even hinted at additional policy firming if required. CME Fed Watch tool is pricing in 78.8% probability of pause and remaining probability of a 25bps hike. Elsewhere, ECB’s Executive Board Member hinted at more action to bring down inflation to the targeted level. BoJ Governor said that it will end its yield curve control policy and would also start shrinking its balance sheet contingent on the inflation outlook. Markets will be cautious awaiting US CPI data (est.: +0.4%, MoM; 5%, YoY) and the deadlock over US$ 31.4tn US debt limit. On domestic front, CPI (BoB est.: 4.6%) and IIP print (BoB est.: 3.5%) will be watched.
Barring India and Japan, stock markets elsewhere ended in red. Investors remained cautious ahead of US CPI report. Developments around US debt ceiling talks also kept market sentiments on edge. Hang Seng and Shanghai Comp slid after mixed trade data from China. Nikkei gained amidst upbeat earnings results. Sensex is trading lower today, in line with its Asian peers.
Fig 1 – Stock markets
08-05-2023 09-05-2023 % change Dow Jones 33,619 33,562 (0.2) S & P 500 4,138 4,119 (0.5) FTSE 7,778 7,764 (0.2) Nikkei 28,950 29,243 1.0 Hang Seng 20,297 19,868 (2.1) Shanghai Comp 3,395 3,358 (1.1) Sensex 61,764 61,761 (0.0) Nifty 18,264 18,266 0.0 Source: Bloomberg, Bank of Baroda Research
Except GBP (flat), other global currencies declined against the dollar. DXY rose by another 0.2% as investors await US CPI data. EUR depreciated the most by 0.4%. INR too fell by 0.3% as oil prices continued to edge up. However, it is trading stronger today, in line with other Asian currencies.
Fig 2 – Currencies
08-05-2023 09-05-2023 % change EUR/USD (1 EUR / USD) 1.1004 1.0962 (0.4) GBP/USD (1 GBP / USD) 1.2618 1.2621 0.0 USD/JPY (JPY / 1 USD) 135.10 135.23 (0.1) USD/INR (INR / 1 USD) 81.80 82.05 (0.3) USD/CNY (CNY / 1 USD) 6.9142 6.9204 (0.1) Source: Bloomberg, Bank of Baroda Research
Global yields closed mixed. UK’s 10Y yield firmed up the most by 7bps as sales data pointed buoyant demand conditions, signalling heated inflation. China’ 10Y yield closed a tad lower by 1bps ahead of CPI and PPI data (CPI: +0.3%, PPI: -3.3%, YoY). India’s 10Y yield also fell by 1bps (7.04%). It is trading at 7.05%.
Fig 3 – Bond 10Y yield
08-05-2023 09-05-2023 change in bps US 3.51 3.52 1 UK 3.78 3.86 7 Germany 2.32 2.35 3 Japan 0.42 0.43 1 China 2.75 2.74 (1) India 7.05 7.04 (1) Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
08-05-2023 09-05-2023 change in bps Tbill-91 days 6.87 6.91 4 Tbill-182 days 6.98 6.99 1 Tbill-364 days 7.00 7.01 1 G-Sec 2Y 6.86 6.89 3 India OIS-2M 6.65 6.67 2 India OIS-9M 6.64 6.65 1 SONIA int rate benchmark 4.18 4.18 (0) US SOFR 5.06 5.06 - Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
Rs tn 08-05-2023 09-05-2023 change (Rs tn) Net Liquidity (-Surplus/+deficit) (0.2) (0.3) (0.1) Reverse repo 0.1 0.1 0 Repo 0 0 0 Source: RBI, Bank of Baroda Research
Fig 6 – Capital market flows
04-05-2023 08-05-2023 change (US$ mn/Rs cr) FII (US$ mn) 565.7 493.9 (71.9) Debt 94.4 107.1 12.7 Equity 471.4 386.8 (84.6) Mutual funds (Rs cr) (9,588.8) 160.9 9,749.7 Debt (4,135.2) 203.0 4,338.1 Equity (5,453.7) (42.1) 5,411.6 Source: Bloomberg, Bank of Baroda Research │Note: Mutual funds data as of 27 Apr 2023 and 28 Apr 2023
Crude oil prices rose further as US government announced plans to purchase oil to replenish its Strategic Petroleum Reserves (SPR).
Fig 7 – Commodities
08-05-2023 09-05-2023 % change Brent crude (US$/bbl) 77.0 77.4 0.6 Gold (US$/ Troy Ounce) 2,021.2 2,034.6 0.7 Copper (US$/ MT) 8,560.3 8,562.3 0.0 Zinc (US$/MT) 2,679.3 2,664.3 (0.6) Aluminium (US$/MT) 2,318.5 2,320.0 0.1 Source: Bloomberg, Bank of Baroda Research
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11 May 2023
US CPI data on a sequential basis remained sticky rising by 0.4%, in Apr’23 from 0.1% in Mar’23 (est.: 0.4%). Even core rose by 0.4%, same as in Mar’23. However, on YoY basis, CPI came in softer than expected at 4.9% (est.: 5%), while core was in line with estimate at 5.5%. The underlying drivers of inflation (rent and service prices excluding housing and energy) also showed some comfort. Post the inflation data, there have not been much change in money market rates, so it’s expected that Fed would go for a pause. Elsewhere, in China, both CPI (0.1%, YoY, est.:0.3%) and PPI (-3.6%, YoY, est.: -3.3%), came in softer than expected. On the other hand, CPI print in Germany remained firm; two of the ECB officials also remained hawkish in their latest statement. In another development, Hong Kong’s overnight borrowing rate rose to its highest since 2007, on account of tightening liquidity conditions.
Stocks in US ended mixed as investors assessed the mixed inflation report. While Dow Jones fell by 0.1%, S&P 500 rose 0.4% led by an upswing in tech stocks. Amongst other indices, Shanghai Comp and Hang Seng fell the most by 1.1% and 0.5% respectively. Sensex rose by 0.3% supported by real estate and oil & gas stocks. It is trading further higher today, in line with its Asian peers.
Fig 1 – Stock markets
09-05-2023 10-05-2023 % change Dow Jones 33,562 33,531 (0.1) S & P 500 4,119 4,138 0.4 FTSE 7,764 7,741 (0.3) Nikkei 29,243 29,122 (0.4) Hang Seng 19,868 19,762 (0.5) Shanghai Comp 3,358 3,319 (1.1) Sensex 61,761 61,940 0.3 Nifty 18,266 18,315 0.3 Source: Bloomberg, Bank of Baroda Research
Barring CNY and GBP, other global currencies gained against the dollar. DXY fell by 0.1% amidst a drop in US 10Y yield following the US CPI report. GBP ended flat ahead of BoE meeting. INR appreciated by 0.1% supported by FPI inflows and lower oil prices. It is trading further stronger today, while other Asian currencies are trading mixed.
Fig 2 – Currencies
09-05-2023 09-05-2023 10-05-2023 % change EUR/USD (1 EUR / USD) 1.0962 1.0982 0.2 GBP/USD (1 GBP / USD) 1.2621 1.2625 0 USD/JPY (JPY / 1 USD) 135.23 134.34 0.7 USD/INR (INR / 1 USD) 82.05 81.99 0.1 USD/CNY (CNY / 1 USD) 6.9204 6.9304 (0.1) Source: Bloomberg, Bank of Baroda Research
Except Japan, global yields closed lower. Some of the underlying drivers of inflation in the US softened, thus providing comfort to yields. US 10Y yield fell the most by 8bps. India’s 10Y yield fell a tad by 1bps (7.04%). It is trading lower at 7.02% today, eyeing the domestic inflation data.
Fig 3 – Bond 10Y yield
09-05-2023 10-05-2023 change in bps US 3.52 3.44 (8) UK 3.86 3.80 (6) Germany 2.35 2.29 (6) Japan 0.43 0.43 0 China 2.74 2.72 (2) India 7.04 7.04 (1) Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
09-05-2023 10-05-2023 change in bps Tbill-91 days 6.91 6.93 2 Tbill-182 days 6.99 7.02 3 Tbill-364 days 7.01 7.01 - G-Sec 2Y 6.89 6.90 1 India OIS-2M 6.67 6.68 0 India OIS-9M 6.65 6.65 0 SONIA int rate benchmark 4.18 4.18 0 US SOFR 5.06 5.06 0 Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
Rs tn 09-05-2023 10-05-2023 change (Rs tn) Net Liquidity (-Surplus/+deficit) (0.3) (0.6) (0.3) Reverse repo 0.1 0.1 0 Repo 0 0 0 Source: RBI, Bank of Baroda Research
Fig 6 – Capital market flows
08-05-2023 09-05-2023 change (US$ mn/Rs cr) FII (US$ mn) 493.9 129.0 (364.9) Debt 107.1 (115.0) (222.0) Equity 386.8 243.9 (142.9) Mutual funds (Rs cr) (9,588.8) 160.9 9,749.7 Debt (4,135.2) 203.0 4,338.1 Equity (5,453.7) (42.1) 5,411.6 Source: Bloomberg, Bank of Baroda Research │Note: Mutual funds data as of 27 Apr 2023 and 28 Apr 2023
Crude oil prices fell by 1.3% amidst an increase in US crude oil inventories.
Fig 7 – Commodities
09-05-2023 10-05-2023 % change Brent crude (US$/bbl) 77.4 76.4 (1.3) Gold (US$/ Troy Ounce) 2,034.6 2,030.1 (0.2) Copper (US$/ MT) 8,562.3 8,436.3 (1.5) Zinc (US$/MT) 2,664.3 2,609.4 (2.1) Aluminium (US$/MT) 2,320.0 2,268.0 (2.2) Source: Bloomberg, Bank of Baroda Research
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12 May 2023
US macro data points to a slowdown. PPI moderated both on sequential (+0.2%, est.:+0.3%) and YoY basis (2.3%, est.: 2.5%). Initial jobless claims (264k against est.: 245k) also rose to its highest since Oct’21, showing some signs of cooling. On the other hand, uncertainty looms over debt crisis and Fed official’s comments; with US Treasury Secretary urging Congress to raise the debt limit and Minneapolis Fed Chief speaking of restrictive policy to control inflation. Elsewhere, BoE raised its policy rate by 25bps, while revising both its inflation and growth projections upward. Interestingly, BoE Governor also shrugged off the possibility of recession. ECB Chief also hinted at rate hike cycle might continue in line with the evolving trajectory of inflation. On domestic front, IIP and CPI data holds the key.
Barring Nikkei (flat), other global indices ended lower as risk sentiment soured. Fears over global growth outlook resurfaced after weak macro data from US (increase in jobless claims) and China (softer than expected CPI and PPI). Dow Jones fell the most by 0.7%, followed by a 0.3% drop in Shanghai Comp. Sensex too fell by 0.1%, as capital goods and metal stocks declined. It is trading further lower today, in line with other Asian stocks.
Fig 1 – Stock markets
10-05-2023 11-05-2023 % change Dow Jones 33,531 33,310 (0.7) S & P 500 4,138 4,131 (0.2) FTSE 7,741 7,731 (0.1) Nikkei 29,122 29,127 0.0 Hang Seng 19,762 19,744 (0.1) Shanghai Comp 3,319 3,310 (0.3) Sensex 61,940 61,905 (0.1) Nifty 18,315 18,297 (0.1) Source: Bloomberg, Bank of Baroda Research
Global currencies dipped against the dollar. DXY rose by 0.6% as investors reassess the Fed rate path amidst weakening economic momentum and softer price growth. Despite an expected 25bps rate hike by BoE, GBP slipped by 0.9%. INR depreciated by 0.1% following global cues. It is trading further weaker today, in line with other Asian currencies.
Fig 2 – Currencies
09-05-2023 10-05-2023 11-05-2023 % change EUR/USD (1 EUR / USD) 1.0982 1.0916 (0.6) GBP/USD (1 GBP / USD) 1.2625 1.2511 (0.9) USD/JPY (JPY / 1 USD) 134.34 134.53 (0.1) USD/INR (INR / 1 USD) 81.99 82.09 (0.1) USD/CNY (CNY / 1 USD) 6.9304 6.9489 (0.3) Source: Bloomberg, Bank of Baroda Research
UK’s 10Y yield fell by 9bps as ex-BoE policy maker hinted at inflation undershooting BoE forecast might give some policy space. India’s 10Y yield fell by 1bps (eyeing today’s auction and CPI data). WACR (6.75%) is trading above policy rate (6.5%). India’s 10Y yield is trading at the same level (7.02%) today.
Fig 3 – Bond 10Y yield
10-05-2023 11-05-2023 change in bps US 3.44 3.38 (6) UK 3.80 3.71 (9) Germany 2.29 2.23 (6) Japan 0.43 0.40 (3) China 2.72 2.70 (2) India 7.04 7.02 (1) Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
10-05-2023 11-05-2023 change in bps Tbill-91 days 6.93 6.91 (2) Tbill-182 days 7.02 7.00 (2) Tbill-364 days 7.01 6.98 (3) G-Sec 2Y 6.90 6.89 (1) India OIS-2M 6.68 6.68 - India OIS-9M 6.65 6.63 (2) SONIA int rate benchmark 4.18 4.18 (0) US SOFR 5.06 5.06 - Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
Rs tn 10-05-2023 11-05-2023 change (Rs tn) Net Liquidity (-Surplus/+deficit) (0.6) (0.5) (0.1) Reverse repo 0.1 0.1 0 Repo 0 0 0 Source: RBI, Bank of Baroda Research
Fig 6 – Capital market flows
09-05-2023 10-05-2023 change (US$ mn/Rs cr) FII (US$ mn) 129.0 378.9 250.0 Debt (115.0) 99.1 214.0 Equity 243.9 279.9 35.9 Mutual funds (Rs cr) (379.1) 411.0 790.0 Debt (524.3) 24.7 548.9 Equity 145.2 386.3 241.1 Source: Bloomberg, Bank of Baroda Research │Note: Mutual funds data as of 27 Apr 2023 and 28 Apr 2023
Crude oil prices fell by 1.9% amidst weak economic data from US and China.
Fig 7 – Commodities
10-05-2023 11-05-2023 % change Brent crude (US$/bbl) 76.4 75.0 (1.9) Gold (US$/ Troy Ounce) 2,030.1 2,015.1 (0.7) Copper (US$/ MT) 8,436.3 8,133.2 (3.6) Zinc (US$/MT) 2,609.4 2,532.3 (3.0) Aluminium (US$/MT) 2,268.0 2,211.0 (2.5) Source: Bloomberg, Bank of Baroda Research
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