Base metals prices exhibit positive trend

Base metals prices on all the major exchange markets showed a positive trend on 29 November, 2022.

• LME’s three-months copper contract edged up by 1%, nickel rose 4.8%, aluminium remained almost stable, zinc marginally down 0.1%, and lead increased 0.4%.
• MCX aluminum futures marginally up 0.2%, copper rise 0.5%, lead up 0.2%, nickel increased 3.2%, zinc slightly down 0.2%.

Highlights-

• China PMI data for Nov’22

China’s official manufacturing Purchasing Managers’ Index (PMI) for November came in at 48, below the 50-point mark, the latest reports showed recently.

• MMG resumes production

MMG Ltd resumed copper production at its Las Bambas mine in Peru after a protest was lifted, but transportation of the metal to port remained blocked by a separate conflict. Las Bambas had reduced its operations to 30% of its usual capacity earlier this month due to the protests, as per latest reports.

• Indian domestic market overvew: Base metals in the India’s domestic market remained on the positive side yesterday following an upward trend on LME and the multi-commodity exchange.
• The domestic copper market also showed recovery owing to improved demand for finished products (wire rods) as support for the property sector in China has brightened the demand outlook. However, increasing Covid cases still remain a major concern for the further growth in economy, SteelMint observes.

LME stock levels mostly down

Base metals stocks at LME-registered warehouses decreased by up to 1.6% d-o-d in the last session.

Oil prices rises

Brent oil futures remained almost stable at $84 per barrel, while crude oil WTI futures went up by 1.5% to $79.1 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 106.56, down marginally by 0.25% against the last session.

The rupee was recorded at 81.70 against the US dollar, appreciating 0.12 paise against the last closing.