Base metals prices on all the major exchanges showed mixed trends on 7 November, 2022. The market started the week with gains, however ended up on a volatile note, SteelMint observes.
The market is eyeing on the US consumer price inflation and core consumer pricing index (CPI) for October which will be out on 10 November and the first estimate of UK’s Q3 gross domestic product (GDP) figures will be released on 11 November.
Base metals market performance – 7 November
- LME’s three-month copper contract fell by 2.3%, nickel was down by 1.7%, aluminium decreased by 0.8%, zinc rose by 0.4% and lead up 2%.
- SHFE copper lost 0.56%, aluminium gained 0.82%, lead added 0.6%, and zinc rose 0.32%.
LME stock levels continue to decline
All base metals stocks except lead at LME-registered warehouses decreased by up to 4.6% d-o-d in the last session. Lead stocks remained stable.
Oil prices fall d-o-d
Brent oil futures fell 1.30% to $97.61 per barrel, while crude oil WTI futures were down 1.28% at $91.42 per barrel at the time of reporting.
Dollar index
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at around 110.40, up marginally by 0.26% against the last session.
The rupee was recorded at 82.01 against the US dollar, appreciating 0.18 paise against the last session.
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