Base metal prices on the London Metal Exchange (LME) and the Shanghai Futures Exchange (SHFE) showed a downward trend on the last trading day, except copper which rose by 0.16% d-o-d.
Notably, the US dollar has hit an all-time high of INR 82 today, pushing market sentiments onto negative terrain.
The USD is gaining in strength as the Fed sticks to its use of the interest rate weapon, with further uptick expected before the end of the year.
Base metals market performance – 27 September
- SHFE copper gained 0.33%, aluminium slid 0.71%, lead declined 0.54%, zinc dropped 0.39%, tin rose 5.07%, and nickel fell 0.77%.
- Meanwhile, LME’s three-month copper futures increased by 0.16%, nickel was down 1.57%, aluminum down 1.17%, zinc decreased by 2.15% and lead was down 0.34%.
- MCX aluminum was down 1%, nickel decreased by 1.99%, lead edged down by 0.12%, copper fell 0.23% and zinc declined by 1.22%.
Stock levels fluctuate
Most base metals stocks at LME-registered warehouses decreased by up to 8.49% d-o-d in the last session. However, copper and nickel stocks increased by up to 1.5%.
Oil prices rise
Brent oil futures rose 2.34% to $84.8 per barrel and crude oil WTI futures were up 1% at $77.37 per barrel at the time of reporting.
Currency exchange
The Indian rupee was trading at 81.89, depreciating 0.51 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 114.55, up marginally by 0.30% against the last session.
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