Base metals prices on all the major exchanges showed mixed trends on 14 November, 2022.
Notably, nickel prices on the LME rose 7% yesterday following an unconfirmed report about a blast at a nickel plant in Indonesia – the biggest rally since the historic short squeeze in March this year.
India’s CPI inflation declines
India’s retail inflation fell to a three-month low of 6.77% in October from 7.41% last month, data released on 14 November by the Ministry of Statistics and Programme Implementation revealed.
Base metals market performance – 14 November
- LME’s three-months copper contract fell by 0.6%, nickel rose 7.1%, aluminium decreased by 0.4%, zinc was up by 3.5%, while lead advanced 1.3%.
- SHFE copper added 0.12%, aluminium rose 1.28%, lead gained 1.03%, and zinc jumped 0.4%.
LME stock levels decrease, save for copper
All base metals stocks at LME-registered warehouses decreased by up to 1% d-o-d in the last session, with the lone exception of copper stocks which rose by 11.5%.
Oil prices fall d-o-d
Brent oil futures fell 3% to $92.89 per barrel, while crude oil WTI futures were down 3.5% at $85.38 per barrel.
Dollar index
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered around 106.87, up marginally by 0.20% against the last session.
The rupee was recorded at 81.34 against the US dollar, depreciating 0.21 against the last closing.
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