Base metals prices on all the exchange markets continued their downtrend on 31 October, 2022.
Covid-19 outbreak in China hits market
Prices of non-ferrous metals broadly fell on the last trading day, pulled down by a stronger US dollar and resurgence in Covid cases in top consumer China, indicating fears of softening demand for metals.
Many cities have announced curbs in China to stamp out Covid outbreaks as winter nears. Authorities have closed venues in many cities enforcing longer temporary lockdowns, SteelMint leant from sources.
Base metals market performance – 31 October
- LME’s three-month copper futures fell 1.3%, nickel down 1.5%, aluminium increased by 0.5%, zinc fell by 4.4% and lead was down 0.7%.
- SHFE copper fell 0.35%, aluminium gained 0.54%, lead dropped 0.49%, and zinc slid 1.33%.
- On MCX, aluminium was slightly up by 0.5%, nickel decreased by 1.5%, lead edged down by 0.7%, copper was down 1.3%, zinc decreased by 4.4%.
LME stock levels decline
All base metals stocks at LME-registered warehouses decreased by up to 5% d-o-d in the last session.
Oil prices drop marginally
Brent oil futures fell 0.20% to $93.57 per barrel, while crude oil WTI futures were down 0.85% at $87.16 per barrel at the time of reporting.
Currency exchange
The rupee depreciated 0.46 paise to 82.62 paise, close to the 83-mark, against the US dollar.
Dollar index
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at 111.28, down marginally by 0.22% against the last session.
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