Base metals futures at London Metal Exchange (LME) recovered by up to 2% on declining warehouse stocks against the previous closing, as per data maintained by SteelMint. However, its counterparts in the Shangai Future exchange (SHFE) mostly closed with losses.
At present, the market is waiting for the results of the Federal Reserve rate resolution, which are to be announced on 28 July.
IMF slashes global economic growth forecast: The International Monetary Fund (IMF) lowered its growth forecast for the global economy for the second time this year, due to Russia’s war in Ukraine that has exacerbated inflationary pressures and derailed the momentum of the recovery from the Covid-19 pandemic and a slowdown in China.
The IMF slashed India’s growth outlook for FY23 to 7.4% from 8.2% forecast in April saying that the revision reflects mainly less favourable external conditions and more rapid policy tightening.
Base metals market performance – 26 July
SHFE copper fell 0.16%, aluminium lost 0.25%, lead slid 0.46%, and zinc up marginally 0.22%.
LME 3-month copper rose marginally by 0.76%, aluminium gained 0.54%, lead moved up around 1%, and zinc rose nearly 2%. However, nickel prices decreased by 3%.
MCX aluminium rose 0.60%, copper up 0.70%, zinc increased 0.87%, lead gained slightly 0.25%.
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 move up
Brent oil futures rose marginally 0.33% to $99.78 per barrel and crude oil WTI futures edged up by 0.67% to $95.62 per barrel at the time of reporting.
Currency exchange
The Indian rupee opened at 79.89 against the US dollar. The US dollar index hovered at around $107.06 at the time of reporting.
Leave a Reply