Base metals prices on all major exchanges showed mixed trends in the last closing session on 5 January, 2023.
Three-month contract prices on the London Metal Exchange (LME) mostly closed lower yesterday. Aluminium fell by 0.5%, zinc rose by 0.4%, lead decreased by 2.2%, copper edged up by 1.5% and nickel fell by 6.8%.
SHFE copper fell 1.29%, aluminium lost 0.39%, lead dropped 0.7%, and zinc slid 0.79%.
MCX futures prices remained volatile on the last trading day. Nickel was down 4.8% to INR 2,470/kg, lead moved up by 0.5% to INR 189/kg, copper up by 0.7% to INR 721/kg, aluminium was down 0.1% to INR 202/kg and zinc increased by 0.5% to INR 270/kg.
Ukraine’s economy shrank 30.4% in 2022 amid Russian invasion
Ukraine’s gross domestic product fell by 30.4% in 2022 according to a preliminary estimate, The International Monetary Fund and the World Bank had both estimated that Ukraine’s economy would shrink 35% in 2022, as per reports.
LME stock levels decrease
Base metals stocks at LME-registered warehouses decreased by up to 7.0% in the last session today. However, lead stocks increased by 3% d-o-d.
Oil prices up
Brent oil futures were up 1.5% to $79.34 per barrel while crude oil WTI futures were up by 1.8% to $74.47 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 105.21 at the time of publishing this report, up 0.16% against the last session.
The rupee was recorded at 82.66 against the US dollar, appreciating 0.10 paise against the previous closing.
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