Base metals prices show negative trends

Base metals prices on all the major exchanges trended lower on 21 November, 2022.

Prices slipped as fresh Covid-19 curbs in top consumer China clouded the demand outlook, while a stronger dollar added to the downbeat mood.

US unemployment data

The unemployment rates in October were higher in 24 states, lower in 1 state, and stable in 25 states and the District of Columbia, the US Bureau of Labor Statistics reported recently.

Thirty-nine states and the District had jobless rate decreases from a year earlier, 1 state had an increase, and 10 states had a little change. The national unemployment rate rose to 3.7% over the month but was 0.9% lower over October 2021.

Base metals market performance – 21 November

• LME’s three-months copper contract edged down by 2.4%, while nickel fell 1.6% and aluminium decreased by 2.1%. Zinc declined by 4.1%, while lead decreased 2.5%.
• SHFE copper fell 1.31%, aluminium slid 0.68%, lead lost 0.13%, and zinc shed 2.27%.

LME stock levels decline

All base metals stocks at LME-registered warehouses decreased by up to 2.1% d-o-d in the last session whereas copper stocks rose 1.7% d-o-d.

Oil prices fluctuate d-o-d

Brent oil futures rose 0.77% to $87.27 per barrel, while crude oil WTI futures inched down by 0.41% to $79.73 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 107.61, down marginally by 0.21% against the last session.

The rupee was recorded again close to 82 levels and was at 81.81 against the US dollar, almost stable against the last closing.