Base metals prices on the London Metal Exchange (LME) and the Shanghai Futures Exchange (SHFE) closed on a mostly positive note on the last trading day.
Global scenarios
- Japan is witnessing a rise in COVID-19 cases. The rise in number of cases obviously poses a major economic risk in the short term.
- Motor fuel prices in Germany are on the rise, with filling stations charging more for petrol and diesel fuel than petrol stations in other EU countries. Motor drivers in Germany paid 2.07 euros (daily average) for a litre of petrol and 2.16 euros for a litre of diesel on 5 September last, as was reported by the Federal Statistical Office (Destatis) gleaned from data furnished by the European Commission.
- On the other hand, based on provisional data from Destatis, the number of requests for normal business insolvency in Germany increased by 6.6% in August compared with July. Their number had fallen by 4.2% in July from June.
Base metals market performance – 9 September
- Three-month copper on the LME was up 0.59%, nickel rose 6%, aluminium rose 0.84%, zinc increased by 1.28%, and lead was up by 1.91%.
- SHFE copper rose 1.62%, aluminium added 0.87%, lead fell 1.09%, and zinc gained 1.08%.
- MCX aluminium remained almost stable, nickel rose 3.8%, lead was up 0.2%, copper was up 0.3% and zinc rose 0.6%.
Stock levels fluctuate
Stocks at LME-registered warehouses fluctuated d-o-d on the last session. Copper and aluminum showed recovery while zinc, lead and nickel fell by up to 1.61%.
Oil prices edge up
Brent oil futures increased by 2.65% to $91.52 per barrel and crude oil WTI futures rose 2% to $85.54 per barrel at the time of reporting.
Currency exchange
The Indian rupee was traded at 79.68, depreciating slightly by 0.5 paise against the greenback at the time of reporting.
In addition, the dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at around 108.76, down marginally by 0.22% against the last session.
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