Base metal prices on all major exchanges remained mostly bearish on 9 December, 2022.
- LME’s three-months aluminium contract fell slightly by 0.9%. While nickel fell 1%, copper remained stable. Zinc inched up by 0.1%, while lead decreased by 0.6%.
- SHFE copper fell 0.24%, aluminium lost 0.47%, lead fell 1.05%, and zinc added 0.32%.
India’s domestic market
India’s local aluminum, copper and zinc prices increased by up to 1%. In contrast, lead prices remained stable d-o-d. Due to moderate trading activities prices rose marginally. Sources expect the market to remain supported in the near term.
Japan PPI data for Nov’22
Japan’s Producer Price Index (PPI) surged 9.3% in Nov from 9.1% in the same period of last year, as per Bank of Japan data. The non-ferrous PPI rose 6.5% y-o-y and 0.5% on the month.
LME stock levels mixed
Base metals stocks at LME-registered warehouses decreased by up to 3.1% in the last session. However, nickel and lead stocks increased by up to 2.5%.
Oil price rises
Brent oil futures rose by 0.52% at $76.55 per barrel, while crude oil WTI futures were largely stable at $71.79 per barrel at the time of publishing.
Dollar index
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered around 105.14, up marginally by 0.32% against the last session.
The rupee was recorded at 82.62 against the US dollar, appreciating 0.17 paise against the previous closing.
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