Base metals prices on all the major exchanges showed mixed trends on 2 November, 2022.
Fed hikes rates again
The US Federal Reserve has raised key rates by 75 basis points, the fourth such hike this year, which was in line with market expectations.
While the rupee has touched the 83-mark against the US dollar on quite a few occasions this week in anticipation of the US Fed announcing a hike in rates along with a few factors like the fall in forex reserves, precious metal surge, etc., SteelMint understands.
Base metals market performance – 2 November
- LME’s three-month copper remained almost stable, nickel was up by 2.3%, aluminium increased by 0.4%, zinc rose by 0.2% and lead was up 0.4%.
- SHFE copper fell 0.11%, aluminium gained 0.36%, lead slid 0.26%, and zinc lost 0.44%.
- On MCX, aluminium was slightly up by 0.5%, nickel was up by 6.1%, lead remained stable, while copper and zinc were firm.
LME stock levels decline
All base metals stocks at LME-registered warehouses decreased by up to 3.9% d-o-d in the last session. However, lead stocks remained stable.
Oil prices rise d-o-d
Brent oil futures rose 1.10% to $95.72 per barrel, while crude oil WTI futures were up 1% at $89.47 per barrel at the time of reporting.
Dollar index
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered around 111.91, up marginally by 0.51% against the last session.
The rupee depreciated 12 paise to 82.77 against the US dollar, depreciating 0.9 paise against the last session.
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