Base metals prices on all the major exchanges were mostly on the downward trend on 25 November, 2022.
Prices started the new week on a weaker note as fresh COVID-19 curbs in the top consumer, China, clouded demand outlook. Also, prices of base metals slid on last trading as the US dollar strengthened, again reaching to the 82 mark adding to the downbeat mood.
Protests in several Chinese cities against the country’s strict COVID-19 curbs sparked uncertainty and dampened investor sentiment.
The rate-setting Federal Open Market Committee is set to meet 13-14 December. Market expectations are running high that policymakers will approve another rate hike, but this time opting for a 0.5 percentage point, or 50 basis points, move. That would come after approving four consecutive 0.75 percentage point increases this year.
LME’s three-months copper contract edged down by 0.4%, nickel fell 2.6%, aluminium decreased by 0.2%, zinc remained almost stable, and lead decreased 0.6%.
SHFE copper gained 0.02%, aluminium lost 0.61%, lead was flat, and zinc rose 0.34%.
LME stock levels fluctuate
Base metals stocks at LME-registered warehouses decreased by up to 4.9% d-o-d in the last session whereas nickel and copper stocks rose 0.7% d-o-d.
Oil prices fall
Brent oil futures fall 4% to 81.54 per barrel, while crude oil WTI futures down by 4% to $73.91 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 106.21, up marginally by 0.23% against the last session.
The rupee was recorded at 81.72 against the US dollar, depreciating 0.17 paise against the last closing.
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