Base metals (copper, aluminium and lead) futures on the London Metal Exchange (LME) and Shangai Futures Exchange (SHFE) gained by up to 5% d-o-d on 8 August. However, nickel and zinc fell by up to 2.5% from the previous session.
US July CPI (consumer pricing index) data due:
The Consumer Price Index (CPI) measures the monthly change in prices paid by US consumers. The Bureau of Labor Statistics (BLS) calculates the CPI as a weighted average of prices for a basket of goods and services representative of aggregate US consumer spending, The CPI is the most widely used measure of inflation.
The market began the week with risk as the upcoming US CPI is due on 10 August. However, concern still lies with ever growing geopolitical tensions between China and US.
Base metals market performance – 8 August
SHFE copper gained 0.94%, aluminium jumped 0.05%, lead rose 0.69%, and zinc fell 0.52%.
LME 3-month copper gained 1.49%, aluminium rose 1.20%, lead up 4.49%, zinc down 1.23% and nickel lower by 2.39%.
MCX aluminium rose 0.70%, lead rose 1.35%, zinc down slightly by 0.66%, copper up 0.95% d-o-d.
Stock levels keep falling
LME warehouse stocks of base metals kept falling on d-o-d basis. All base metals stocks fell marginally by 1%. However, lead stocks remained stable, SteelMint notes.
Oil prices improve
Brent oil futures rose 0.23% to $96.87 per barrel and crude oil WTI futures increased to $91.03 per barrel at the time of reporting.
Currency exchange
The Indian rupee was at 79.57 against the US dollar. The dollar index, which gauges the value of the dollar in relation to a basket of six different currencies, hovered around $106 at the time of reporting.
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