Base metals prices on all the major exchange markets showed a volatile trend on 28 November, 2022.
- LME’s three-months copper contract edged down by 0.6%, nickel rose 0.9%, aluminium remained almost stable, zinc rose 0.6%, and lead decreased 0.2%.
- SHFE copper gained 0.14%, aluminium added 1.26%, and zinc rose 1.49%.
The Covid situation in China worsened with record cases again seen over the weekend. This along with the widely reported protests weighed on the metal markets.
Commercial sales volume rises in Japan
The report also showed that commercial sales jumped 0.3% m-o-m and 5.9% y-o-y to 49.6 trillion yen, while wholesale sales gained 0.3% m-o-m and 6.4% y-o-y to 36.6 trillion yen, as per latest reports.
OPEC might cut production
OPEC+ will be meeting on 30 November and there has been some speculations that they may consider cutting production more than previously flagged, as per latest reports.
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 rises
Brent oil futures rose 0.40% to 85 per barrel, while crude oil WTI futures went up by 1.8% to $78.80 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 106.23, down marginally by 0.42% against the last session.
The rupee was recorded at 81.70 against the US dollar, almost firm against the last closing.
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