Base metals on the London Metal Exchange (LME) and Shanghai Futures Exchange (SHFE) closed on a volatile note on last trading day.
Sentiments were weighed down by demand worries triggered by Covid-19 restrictions in top metals consumer China and potential interest rate hikes in the US. Fed officials are expected to raise the rates by up to 0.75 points at their next meeting, which will be held on third week of this month, SteelMint learnt from sources.
Base metals market performance – 2 September
SHFE copper rose 0.1%, aluminium gained 0.75%, lead fell 0.1%, and zinc slid 0.67%.
Three-month copper on LME inched up by 0.47%, nickel rose 1.07%, aluminium remained almost stable, zinc decreased by 3.80% and lead fell by 0.68%.
MCX aluminium edged down by 0.10%, nickel fell 0.95%, lead fell 0.20%, copper remained almost stable, and zinc dropped 2.72%.
Stock levels down
Stocks at LME-registered warehouses fell by up to 3.30% d-o-d on the last session. However, zinc stocks increased by 0.45%.
Oil prices edge up ahead of OPEC meeting
Brent oil futures rose 2.8% to $94.96 per barrel and crude oil WTI futures increased by 2% to $88.59 per barrel at the time of reporting.
Oil futures traded higher ahead of the OPEC meeting, known as OPEC+, later today. There is a possibility that decision on production trim will be concluded in the meeting.
Currency exchange
The domestic rupee tumbled to a new low at $80.11 last week. However, the currency traded at 79.89, depreciating 0.36% against the greenback at the time of reporting, almost stable d-o-d.
Notably, the dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered around $110.11, rising by 1.31% against the last session.
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