Base metals futures at London Metal Exchange (LME) and Shangai futures market (SHFE) recovered by up to 1.34% against the previous closing, as per data maintained by SteelMint.
Prices moved up owing to positive cues from Asian and the US markets as the US Federal Reserve raised interest rates by 75 basis points (0.75%) in an effort to drive down the highest inflation, which was in line with the market expectations, SteelMint understands.
An another “usually large” interest rate hike is expected at the September meeting while the final decision will be determined by the incoming economic data, Steelmint learned from sources.
Base metals market performance – 27 July
SHFE copper added 1.01%, aluminium gained 1.36%, lead rose 0.2%, and zinc jumped 0.62%, nickel up 0.84%.
LME 3-month copper rose by 1.34%, aluminium gained 0.04%, lead moved down slightly 0.49%, zinc rose 0.49%, nickel increased 1.12%.
MCX aluminium rose 0.45%, copper up 0.93%, zinc decreased 0.32%, lead gained slightly 0.36%.
Stock levels mostly down by up to 2%
LME warehouse stocks of most base metals fell up to 2% on a d-o-d basis in the last trading session. Copper gained slightly by 0.36%.
Oil prices up
Brent oil futures rose 1.39% to $103 per barrel and crude oil WTI futures edged up by 1.5% to $98.7 per barrel at the time of reporting owing to higher gasoline demand in the United States.
Currency exchange
The Indian rupee was at 79.75 against the US dollar, appreciated 10-15 paise as against last closing. The US dollar index hovered at around $106.28 at the time of reporting.
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