Base metals prices on the London Metal Exchange (LME) and the Shanghai Futures Exchange (SHFE) closed on a volatile note on the last trading day.
US inflation data
The US CPI in August, released on 13 September, recorded an annual rate of 8.30%, 0.2% point higher than the expected value but lower than the previous value of 8.50%, raising the expectations for the Fed to continue its aggressive rate hikes, as per latest reports.
Base metals market performance – 13 September
- SHFE copper slid 0.95%, aluminium fell 0.59%, lead lost 0.79%, and zinc was flat.
- Three-month copper on the LME was down 1.09%, nickel fell 1.20%, aluminum was up 1.31%, zinc increased by 0.97%, and lead was up by 0.15%.
- MCX aluminium up by 0.55%, nickel rose 1.42%, lead was down 0.42%, copper was down 1.49% and zinc fell 0.30%.
Stock levels down
Stocks at LME-registered warehouses were down d-o-d on the last session by up to 1.68%.
Oil prices edge down
Brent oil futures, on the other hand, remained almost stable at $93 per barrel and crude oil WTI futures was down 0.92% and was at $86.93 per barrel at the time of reporting.
Currency exchange
The Indian rupee was trading at 79.57, depreciating slightly by 0.57 paise 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 at around 109.81 up marginally by 1.6% against the last session.
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