Base metals prices on all the major exchanges showed a volatile trend on 9 November, 2022. While nickel and lead were up, other metals went down by as much as 2.7% as the market is awaiting USA’s October CPI data to be released later today, SteelMint notes.
- LME’s three-month copper contract fell by 0.1%, nickel rose by 2.8%, aluminium decreased by 2.2%, zinc fell by 2.7%, and lead was up 1.1%.
- SHFE copper added 0.24%, aluminium lost 0.8%, lead gained 1.7%, and zinc slid 0.82%.
Indian govt allows international trade settlement in rupees
Indian government has allowed rupee settlement of international trade for export promotion schemes.
The Directorate General of Foreign Trade (DGFT), under the Commerce ministry, has allowed invoicing, payment and settlement of exports and imports in Indian rupees (with Russia, Iran, Bangladesh and Sri Lanka), a move aimed at facilitating trade in the domestic currency, as per latest reports.
Base metals performance in the domestic market remained steady as market paticipants are waiting for LME prices to stabilise. However, copper prices moved up marginally by up to 0.8% owing to a rise in demand for finished products in the local market.
LME stock levels continue to decline
All base metals stocks at LME-registered warehouses decreased by up to 2.5% d-o-d in the last session. Copper stocks declined for the 21st consecutive day to 80,975 t, a sharp fall by 64,775 t. However, zinc stocks remained almost stable.
Oil prices fall d-o-d
Brent oil futures fell 2.88% to $92.61 per barrel, while crude oil WTI futures were down 3% at $85.77 per barrel.
Dollar index
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at around 110.18, falling by 0.33% against the last session.
The rupee was recorded at 81.59 against the US dollar, almost stable against the last closing.
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