Base metals prices on the London Metal Exchange (LME) showed mixed trends on the last trading day. Nickel, zinc and lead rose by up to 2.50% d-o-d, while copper and aluminium fell by up to 0.94% d-o-d.
Market awaits US non-farm payroll report
Markets are keenly watching the US non-farm payroll report due later on Friday, with economists forecasting 250,000 jobs to have been added last month compared with 315,000 in August.
World currency reserves shrink by $1 trillion
Global foreign currency reserves have declined by about 7.8%, or by $1 trillion, this year to $12 trillion, according to latest reports. It is the biggest drop since 2003. The decline comes against the backdrop of central banks across the world, including India, intervening to support currencies.
Base metals market performance – 6 October
- LME’s three-month copper futures fell 0.94%, nickel was up 0.86%, aluminium remained largely stable, zinc edged up by 2.50% and lead rose 1.08%.
- On MCX, aluminium was down slightly by 0.12%, nickel increased slightly by 3.91%, lead edged up by 0.64%, copper fell 0.91%, and zinc increased by 0.37%.
Stock levels mostly up
Most base metals stocks at LME-registered warehouses increased by up to 1% d-o-d in the last session. However, nickel stocks decreased marginally by 0.3%.
Oil prices rise
Meanwhile, brent oil futures remained almost stable at $94.47 per barrel, while crude oil WTI futures were up 1% at $88.5 per barrel at the time of reporting.
Currency exchange
The Indian rupee was trading at 82.38, depreciating 0.60 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 at around 112.32, up marginally by 0.05% against the last session.
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