Base metals prices on all the major exchanges showed negative trends on 16 November, 2022.
Nickel prices surge to 6-month high
Nickel, which is used to make stainless steel and batteries used in electric cars, has had an extremely volatile year. The metal has been seeing great volatility this week, as after rising more than 15% earlier it fell as much as 9% on 17 November, the sharpest since March.
Volatility reigns as a nickel mine in New Caledonia, which supplies Tesla, cut its fourth-quarter production forecast, as per latest reports.
On the other hand, Escondida, the world’s biggest copper mine in northern Chile, announced on Tuesday a three-day strike from next week to protest against “serious security incidents”.
Base metals market performance – 16 November
- LME’s three-months copper contract edged down by 1%, while nickel fell 9% and aluminium decreased by 0.9%. Zinc fell by 1.9%, while lead declined 2.2%.
- SHFE copper fell 0.49%, aluminium lost 0.48%, lead slid 1.45%, and zinc shed 0.7%.
LME stock levels decline, lead sole exception
All base metals stocks at LME-registered warehouses decreased by up to 1.1% d-o-d in the last session, with the exception of lead which rose by up to 12.2%.
Oil prices fell d-o-d
Brent oil futures fell 2% to $91.92 per barrel, while crude oil WTI futures were down 2.8% at $84.46 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 around 106.41, up marginally by 0.12% against the last session.
The rupee was recorded at 81.54 against the US dollar, depreciating 0.19 against the last closing.
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