Base metals prices on all major exchanges showed positive trends on 23 December, 2022.
London Metal Exchange’s (LME’s) three-months aluminium contract went down by 0.7%, zinc rose by 0.6%, copper edged up by 0.5%, nickel rose by 1% and lead increased by 2.6%.
Low inventories in the LME-registered warehouses continued lending support to non-ferrous metals prices.
At this point, it seems unlikely that new Covid variants arising out of the Chinese wave of infections will impact the Indian market.
MCX futures prices remained positive. Nickel was up 2.1% to INR 2,477/kg, lead up 1.5% to INR 190/kg, copper rose 0.6% at INR 690/kg, aluminium remained firm at INR 211/kg and zinc rose by 0.8% to INR 273/kg on the last trading day.
LME’s stock levels mixed
Base metals stocks at LME-registered warehouses decreased by up to 1.4% in the last session. However, copper was up by 0.5% and lead stocks remained firm.
Oil prices rise slightly
Brent oil futures was up 2.5% at $83.92 per barrel, while crude oil WTI futures rose 2% at $79.56 per barrel at the time of publishing this report.
Dollar index
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered around 104.33 at the time of publishing this report, was down marginally by 0.10% against the last session.
The rupee was recorded at 82.70 against the US dollar, depreciating 0.17 paise against the previous closing.
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