Base metals prices on the London Metal Exchange (LME) continued to show a fluctuating trend on the last trading day amid mixed sentiments and volatility in currency.
A few European industry associations have urged the authorities to prevent sanctions or tariffs against Russian aluminium as such measures could hurt dependent industries. Notably, Russia’s aluminium production accounts for 6% of the global production.
On the other hand, a few major producers in USA approached LME to ban Russian metal trading amid geographical tensions between Ukraine and Russia.
Base metals market performance – 25 October
LME’s three-month copper futures fell 0.51%, nickel up 0.68%, aluminium increased by 1.65%, zinc fell by 1.99% and lead down by 2.34%.
SHFE copper slid 0.07%, aluminium up by 0.54%, lead inched down 0.65%, and zinc down marginally by 0.47%.
Stock levels fluctuate
Lead, aluminium and nickel stocks at LME-registered warehouses almost remained unchanged d-o-d in the last session. However, copper and zinc stocks decreased by up to 1.48%.
Oil prices fall
Meanwhile, brent oil futures fell 0.74% to $92.18 per barrel, while crude oil WTI futures were down 0.71% at $84.34 per barrel at the time of reporting.
Currency exchange
The Indian rupee depreciated slightly by 0.14 paise to 82.32 against the greenback at the reporting time.
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at around 110.19, up marginally by 0.57% against the last session
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