Base metals prices on the London Metal Exchange (LME) showed negative trends on the last trading day. All base metals prices decreased except zinc as the market was concerned about the expected aggressive rate hike in the following two months.
On the other hand, the global economic outlook is volatile impacted by economic, geopolitical, and ecological changes. Global growth has been forecast to slow from 6% in 2021 to 3.2% in 2022 and 2.7% in 2023. This is the weakest growth profile since 2001, as per International Monetary Fund data.
Base metals market performance – 14 October
- LME’s three-month copper futures fell 0.46%, nickel down 2.90%, aluminium decreased by 2.25%, zinc rose by 1.38% and lead down by 0.15%.
- SHFE copper gained 0.44%, aluminium added 0.19%, lead inched up 0.03%, and zinc rose 0.39%.
- On MCX, aluminium was down by 2.5%, nickel decreased slightly by 0.6%, lead edged down by 0.2%, copper fell by 1.3%, and zinc decreased by 0.5%.
Stock levels fluctuate
Copper, nickel and aluminium stocks at LME-registered warehouses decreased by up to 2.9% d-o-d in the last session. However, zinc and lead stocks decreased by up to 3.11%.
Oil prices rise
Meanwhile, brent oil futures fell 2% to $92 per barrel, while crude oil WTI futures were down 2.5% at $86.27 per barrel at the time of reporting.
Currency exchange
The Indian rupee was trading at 82.38, almost stable 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 112.99, down marginally by 0.28% against the last session.
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