Base metals prices on the London Metal Exchange (LME) showed positive trends yesterday. All base metals increased except zinc.
US CPI rises 0.4%
The US’s consumer price index (CPI), which measures the change in prices paid by consumers for goods and services, increased 0.4% in September, more than the 0.3% as per estimation, according to the Bureau of Labor Statistics.
On the other hand, Central bankers have raised interest rates five times this year and are expected to make a fourth jumbo sized, three-quarter-point move at their meeting on 2 November. Rising rates cools off demand and is the Fed’s main tool for trying to wrestle inflation back under control.
Base metals market performance – 13 October
- LME’s three-month copper futures rose 0.37%, nickel up 0.61%, aluminium increased by 2.34%, zinc fell by 0.24% and lead up by 0.64%
- SHFE copper fell 0.06%, aluminium added 0.57%, and zinc jumped 0.24%.
- On MCX, aluminium was up by 0.4%, nickel increased slightly by 1.4%, lead edged down by 0.4%, copper rose by 0.9%, and zinc decreased by 0.3%.
Stock levels fluctuate
Copper, nickel and zinc stocks at LME-registered warehouses decreased by up to 2.21% d-o-d in the last session. However, aluminium increased 4.65% while lead stocks remained almost stable.
Oil prices rise
Meanwhile, brent oil futures rose 2% to $94.81 per barrel, while crude oil WTI futures were up 2% at $89.28 per barrel at the time of reporting.
Currency exchange
The Indian rupee was trading at 82.38, depreciating slightly by 0.06 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 around 112.42, up marginally by 0.05% against the last session.
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