Base metals prices on the London Metal Exchange (LME) showed volatile trends yesterday. Copper and zinc fell by up to 0.68% on the last trading day even as nickel, aluminium and lead was up by 3.22%. Aluminium prices on the London Metal Exchange (LME) soared on Wednesday as the US was considering a ban on Russian aluminium in response to the conflict in Ukraine, as per latest reports.
In addition, US inflation data will be released today, which is likely to influence further currency trends.
Other factors
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) slashed its global oil demand growth estimate on Wednesday for both 2022 and 2023, citing economic headwinds and the Covid resurgence in China. Interestingly, the decision comes just a week after OPEC+ announced a 2 million barrels per day cut to its production target.
Base metals market performance – 12 October
- SHFE copper fell 0.06%, aluminium added 0.57%, and zinc jumped 0.24%.
- LME’s three-month copper futures fell 0.67%, nickel was up 0.96%, aluminium increased by 3%, zinc fell by 0.68% and lead was up by 0.74%.
- On MCX, aluminium was up by 4.2%, nickel decreased slightly by 0.1%, lead edged up by 1.3%, copper fell by 0.6%, and zinc increased by 0.2%.
Stock levels fluctuate
Copper and zinc metals stocks at LME-registered warehouses decreased by up to 0.33% d-o-d in the last session. However, nickel increased 1.35% and aluminium and lead stocks increased by 3.22% and 0.32%.
Oil prices down
Meanwhile, brent oil futures fell 1.5% and were at $92.20 per barrel, while crude oil WTI futures were down 2% at $87.25 per barrel at the time of reporting.
Currency exchange
The Indian rupee was trading at 82.33, depreciating slightly by 0.15 paise against the greenback at the time of reporting.
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered around 113.28, down marginally by 0.03% against the last session.
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