Base metals prices on all the major exchanges trended higher on 22 November, 2022.
- LME’s three-months copper contract edged up by 1.7%, while nickel rose 4.2% and aluminium increased by 2.1%. Zinc and lead remained almost stable.
- SHFE copper rose 0.7%, aluminium gained 0.58%, lead edged up 0.03%, and zinc shed 0.64%.
Market highlights-
Trafigura Group Pte Ltd, a Singaporean-based Swiss multinational commodity trading company, said recently that the Mutoshi mine which will become the third largest cobalt mine globally is expected to start production by the fourth quarter of 2023, with a production capacity of 16,000 tonnes of cobalt hydroxide and 48,000 tonnes of copper cathodes per year.
On the other hand, Alcoa and other traders continue to call for banning trade of Russian aluminium on the London Metal Exchange (LME). Alcoa has also approached the United States government seeking an embargo on Russian metals.
UK state borrowing jumped last month. Public sector net borrowing hitting Euro 13.5 billion ($16 billion) in October 2022, up from Euro 9.2 billion a year earlier, the Office for National Statistics said in a statement.
LME stock levels fluctuate
All base metals stocks at LME-registered warehouses decreased by up to 0.9% d-o-d in the last session whereas nickel and copper stocks rose 0.7% d-o-d.
Oil prices rise d-o-d
There has been a rumour in the market that producer alliance OPEC+ could announce another oil production cut at its meeting on 4 December.
Brent oil futures rose 1.20% to $88.22 per barrel, while crude oil WTI futures inched up by 0.78% to $80.87 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 at 107.08, down marginally by 0.13% against the last session.
The rupee was recorded at 81.77 against the US dollar, almost stable against the last closing.
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