Base metals prices on all major exchanges remained in negative territory as the US dollar strengthened on 16 December, 2022.
LME’s three-months aluminium contract went down by 0.4%, zinc fell 4.5%, copper edged down by 0.3%and nickel inched down by 0.1%, while lead decreased 0.1%.
SHFE copper lost 0.69%, aluminium slid 0.32%, and zinc dropped 1.59%.
MCX futures prices fell marginally, wherein Nickel fell 0.1% to INR 2,400/kg, lead down 0.1% to INR 185/Kg and copper remained almost stable at INR 702/kg zinc fell the most by 2.7% to INR 273/kg on last trading day.
India market
Enquiries for finished copper declined slightly in the domestic market towards the end of last week which led to marginal drop in local prices. Buyers adopted a wait-and-watch approach for more clarity on exchange prices.
Zinc prices edged down on last trading day as LME zinc futures fell $142/t d-o-d. The local aluminium and lead scrap markets remained largely stable.
LME stock levels mixed
Base metals stocks at LME-registered warehouses decreased by up to 1.3% in the last session. However, copper stocks rose by 0.4% and zinc and lead was stable.
Oil price decreases
Brent oil futures fell by 2.30% at $79.4 per barrel, while crude oil WTI futures went down by 1.20% at $74.79 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 104.46, down marginally by 0.25% against the last session.
The rupee was recorded at 82.62 against the US dollar, depreciating 0.22 paise against the previous closing.
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