Base metals prices show mixed trends

Base metals prices on all the major exchanges showed mixed trends on 15 November, 2022.

USA PPI data for October 

The Producer Price Index (PPI) of the Bureau of Labor Statistics (BLS) is a family of indexes that measures the average change over time in prices received (price changes) by producers for domestically produced goods, services, and construction.

The Producer Price Index for final demand increased 0.2% m-o-m in October, the US Bureau of Labor Statistics reported recently.

The (PPI) in the US declined to 8% on a yearly basis in October from 8.4% in the same period last year.

Base metals market performance – 15 November

• LME’s three-months copper contract remained almost stable, while nickel rose 4.9% and aluminium decreased by 0.7%. Zinc was down by 0.6%, while lead advanced 1.3%.
• SHFE copper fell 0.55%, aluminium rose 0.37%, lead slid 0.41%, and zinc shed 0.14%.

LME stock levels improve

All base metals stocks at LME-registered warehouses increased by up to 3.7% d-o-d in the last session, with the exception of aluminum and nickel which fell by up to 1%.

Oil prices rise d-o-d

Brent oil futures rose 0.20% to $93.44 per barrel, while crude oil WTI futures were up 0.60% at $86.39 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 106.48, up marginally by 0.07% against the last session.

The rupee was recorded at 81.35 against the US dollar, almost stable against the last closing.