Base metals prices on the London Metal Exchange (LME) and the Shanghai Futures Exchange (SHFE) closed on a positive note on the last trading day.
Market sentiments remained cautious, as market participants are waiting for the next set of US CPI inflation data from the U.S. Bureau of Labor Statistics which will be reporting the August 2022 CPI data later today.
India retail inflation uptick
The Consumer Price Index inflation rose to 7% in August from 6.71% in July, according to data released by the Ministry of Statistics and Programme Implementation on Monday.
The sequential hardening in inflation was largely driven by a broad-based rise across the food segment, as per latest reports.
Base metals market performance – 12 September
- Three-month copper on the LME was up 1.26%, nickel rose 6.88%, aluminum remained almost stable, zinc increased by 0.92%, and lead was up by 1.67%.
- The SHFE was closed for three days from 10-12 September during the Mid-Autumn Festival and will open on 13 September.
- MCX aluminium remained almost stable, nickel rose 3.3%, lead was up 1.1%, copper was up 1.2% and zinc rose 0.3%.
Stock levels down
Stocks at LME-registered warehouses were down d-o-d on the last session by up to 0.27%, however lead stocks were stable.
Oil prices edge up
Brent oil futures increased by 2% to $94 per barrel and crude oil WTI futures remained stable at $87.92 per barrel at the time of reporting.
Currency exchange
The Indian rupee was trading at 79.06, appreciating slightly by 0.62 paise against the greenback at the time of reporting.
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at around 108.01, down marginally by 0.30% against the last session.
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