Base metal prices on all the major exchange markets remained mostly bullish on 13 December, 2022.
- LME’s three-months aluminium contract went up by 1.9%, nickel fell 4.2%, copper and zinc inched up by 1.5%, while lead increased by 1.1%.
- SHFE copper gained 0.67%, aluminium rose 0.32%, lead slid 0.13%, and zinc edged down 0.02%.
USA CPI data out for Nov’22
USA’s consumer price index (CPI) that measures the change in prices paid by consumers for goods and services eased for a fifth straight month to 7.1% in November, as per the figures released by the Labor Department on 13-Dec 2022.
The US Fed concludes its two-day policy meeting today and is expected to announce a half-point interest rate increase.
LME stock levels mixed
Base metals stocks at LME-registered warehouses decreased by up to 2.9% in the last session. However, lead stocks stood stable.
Oil price rises
Brent oil futures rose by 2.96% at $80.3 per barrel, crude oil WTI futures went up by 2.89% at $75.29 per barrel at the time of publishing.
Crude oil prices continued climbing higher in early trade today, driven by China’s relaxation of Covid-related restrictions, as per latest reports.
China’s reopening, on the other hand, is seen as particularly bullish for oil demand.
Dollar index
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered around 104.04, up marginally by 0.06% against the last session.
The rupee was recorded at 82.49 against the US dollar, appreciating 0.14 paise against the previous closing.
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