Base metals prices on the London Metal Exchange (LME) fell by up to 4% on the last trading day, although copper inched up by 1.62%. China’s markets reopened after a weeklong holiday today with positive price trends. The US Fed would hike interest rates by 75 basis points in November for the fourth meeting running, as per latest reports.
US inflation data to be out this week
The US dollar rose for a fourth straight session on Monday as market players looked to inflation data later this week. It is likely to show that price pressures remain elevated in the world’s largest economy, keeping the Federal Reserve’s aggressive monetary policy on track to continue until next year.
Base metals market performance – 10 October
SHFE copper rose 1.4%, aluminium gained 0.35%, lead advanced 0.1%, and zinc added 0.33%.
LME’s three-month copper futures rose 1.62%, nickel was down 0.33%, aluminium decreased by 2.09%, zinc fell by 0.90% and lead down 3.91%.
Stock levels down
Most base metals stocks at LME-registered warehouses decreased by up to 1.88% d-o-d in the last session. However, copper and aluminium stocks remained almost stable.
Oil prices down
Meanwhile, brent oil futures fell 2.24% and were at $95.72 per barrel, while crude oil WTI futures were down 2% at $90.58 per barrel at the time of reporting.
Currency exchange
The Indian rupee was trading at 82.35 almost stable against the greenback at the time of reporting. The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered around 113.45, up 0.27% against the last session.
.jpg)
Leave a Reply