Base metals prices on all major exchanges remained volatile as the US dollar strengthened on 19 December, 2022.
Base metal market performance
LME’s three-months aluminium contract went down by 0.6%, zinc fell 0.2%, copper edged up by 0.7% and nickel inched down by 3.7%, while lead increased by 0.4%.
On the other hand, SHFE copper inched up 0.09%, aluminium slid 0.48%, and zinc dropped by 1.94%.
MCX futures prices fell marginally, wherein Nickel fell by 1.1% to INR 2,372/kg, lead down 0.4% to INR 185/Kg and copper remained almost stable at INR 705/kg, aluminium was down 1% at INR 208/Kg. In addition, zinc fell by 1% to INR 270/kg on the last trading day.
Indian market: Indian copper market saw established prices yesterday amid a positive LME futures by 0.75% up to $8,354/t. Currently, the local market is short of material. Moreover, sellers are not eager to quote lower offers, sources revealed.
Zinc prices was down on the last trading day as LME zinc fell $67/t d-o-d. However, aluminium remained slightly volatile. In contrast, lead scrap markets remained largely stable.
LME stock levels remain mixed
Base metals (copper) stocks at LME-registered warehouses decreased by .6% in the last session. However, aluminum and nickel stocks rose by up to 0.9%. Meanwhile, zinc and lead were stable.
Oil prices increase marginally
Brent oil futures rose by 0.50% at $79.92 per barrel, while crude oil WTI futures went up by 1% at $75.43 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 around 104.37, down marginally by 0.33% against the last session.
The rupee was recorded at 82.83 against the US dollar, depreciating 0.21 paise against the previous closing.
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