Base metals prices on all the major exchanges fluctuated on 23 November, 2022.
LME’s three-months copper remained almost stable, nickel rose 1.0%, aluminium decreased by 1.3%, zinc fell 0.3% and lead rose 0.7%.
SHFE copper fell 0.2%, aluminium lost 0.13%, lead added 0.54%, and zinc gained 0.64%.
USA Fed rate hike expected
Federal Reserve officials earlier this month confirmed that smaller interest rate increases should happen soon as they evaluate the impact that the policy is having on the economy, as per the meeting minutes released on 23 November.
LME stock levels decrease
All base metals stocks at LME-registered warehouses decreased by up to 2.8% d-o-d in the last session except nickel stocks which rose 2% d-o-d.
Oil prices fall d-o-d
Brent oil futures went down by 3% to $84.9 per barrel, while crude oil WTI futures fell by 3% to $77.53 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 105.79, down marginally by 0.27% against the last session.
The rupee was recorded at 81.73 against the US dollar, almost stable against the last closing.
.jpg)
Leave a Reply