Base metals prices remained volatile on all major exchanges, except lead and zinc in London Metal Exchange (LME), on the last trading session of 10 January, 2023.
Three-month contract prices on LME closed mostly in a mixed trend. Aluminium prices increased by 1%, zinc down by 1.4%, lead decreased by 2.3%, copper edged up by 0.6%, and nickel remained stable by 0.1%.
On the other hand, SHFE copper added 1.2%, aluminium rose 0.66%, lead fell 0.67%, and zinc lost 0.15%.
In similar vein, MCX futures prices showed a mixed trend on the last trading day. Nickel decreased by 4.02% at INR 2,351/kg, lead edged down by 0.05% to INR 188.6/kg, copper rose by 0.73% to INR 757.10/kg, aluminium was slightly up by 0.07% to INR 211.10/kg, while zinc dropped by 0.46% to INR 279.50/kg
The market was volatile as it awaited for the US inflation data that is going to be released later this week to highlight the expectations for the Fed’s rate hikes.
Meanwhile, physical demand of metals is also expected to remain low as China is about to enter its week-long holiday break to celebrate the Lunar New Year during January 23-27, as per reports.
Australian monthly Consumer Price Index (CPI) indicator rose 7.3% in the year to November 2022, according to a latest data from the Bureau of Statistics.
South Korea’s unemployment rate (seasonally adjusted) was posted at 3.3% in December 2022 up from 2.9% in November, as per report.
LME stock levels decrease
Oil prices down
Brent oil futures dropped by 0.28% to $79.42 per barrel while crude oil WTI futures dropped by 0.26% to $74.43 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 at around 103.18 at the time of publishing this report, up 0.19% against the last session.
The rupee was recorded at 81.69 against the US dollar, depreciated by 0.64 paise against the previous closing.
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