Base metals prices on the London Metal Exchange (LME) witnessed a positive trend as record high crude oil exports at 5.1 million barrels in a single day from the USA indicated a revival in global economies.
However, Covid restrictions in China may slow down economic activities. Also, a potential hike in interest rates by 50 to 75 basis points by the European Central Bank’s (ECB) may impact the market sentiments.
Base metals market performance – 26 October
LME’s three-month copper futures increased by 2%, nickel up 1%, aluminium increased by 2%, and zinc and lead both inched up by 1%.
Stock levels fluctuate
Lead and nickel stocks at LME-registered warehouses remained almost unchanged d-o-d in the last session. Copper and zinc stocks decreased by up to 3% whereas aluminium stocks moved up marginally by 1%.
Oil prices fall
Crude oil WTI futures fell 0.69% to $87.55 per barrel, while brent oil futures went down 0.67% to $95.33 per barrel at the time of reporting.
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