Base metals futures at London Metal Exchange (LME) recovered by up to 3% on declining warehouse stocks against the previous closing, as per data maintained by SteelMint.
The sentiments mainly from China are not as positive as expected with new Covid cases discovered and a few specific regions under lockdown. Although the stimulus package was announced by China to support the economy, this news was already absorbed by market players.
Most trade channels said that they don’t see any major price corrections in the near term apart from regular volatility which SteelMint has reported earlier.
The opening prices of base metals at major exchanges saw a fluctuating trend with most metals opening lower.
Base metals market performance – 22 July
SHFE copper jumped 1.7%, aluminium gained 0.92%, lead rose 0.83%, and zinc added 1.89%.
LME 3-month copper rose 1.80%, aluminium gained 2.27%, lead moved up 0.25%, and zinc up1.91%, however, nickel prices increased by 3%.
MCX aluminium prices were almost stable, copper rose 0.7%, lead and zinc up 1%. Nickel prices, however, fell 1.4% on last trading day.
Stock levels mostly down
LME warehouse stocks of most base metals fell up to 1.3% on a d-o-d basis in the last trading session.
Oil prices head lower
Brent oil futures fell 1.09% to $97.3 per barrel and crude oil WTI futures down 1.08% to $93.68 per barrel at the time of reporting.
Currency exchange
The Indian rupee opened at 79.84 against the US dollar, registering a decline of 7 paise over the last closing.
The US dollar index slipped to $106.74 at the time of reporting.
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