Base metals prices on all the major exchanges showed an upward trend on 10 November, 2022.
US CPI data out for October
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4% in October on a seasonally adjusted basis, the same as in September, the US Bureau of Labor Statistics reported on 10 November. In October, it was 0.9%, a decrease of 55% y-o-y.
The Consumer Price Index (CPI) measures the change in prices paid by consumers for goods and services.
ISRI’s letter to LME
The Insittute of Scrap Recycling Industries (ISRI) submitted comments to the London Metal Exchange (LME) regarding the LME’s Discussion Paper on Russian Metal to potentially ban the trade of Russian metals on LME including aluminum, nickel, and copper.
ISRI members are concerned that continued listing of Russian metal brands and the flow of Russian stocks into LME warehouses “will substantially increase the risks of creating disorderly or unfair market conditions.”
The performance of base metals in the domestic market remained mostly positive. Copper prices moved up marginally by up to 1.1% owing to demand for finished products and tight scrap availability in the local market. Aluminium also improved on healthy trades and better buying enquiries from manufacturers.
Base metals market performance – 10 November
LME’s three-months copper contract rose by 2.1%, nickel rose 5.1%, aluminium decreased by 0.3%, zinc was up by 1.1%, while lead advanced 1%.
SHFE copper added 0.95%, aluminium rose 0.56%, lead gained 0.42%, and zinc jumped 0.25%.
LME stock levels continue to decline
All base metals stocks at LME-registered warehouses decreased by up to 1.3% d-o-d in the last session.
Oil prices recover d-o-d
Brent oil futures rose 1% to $92.93 per barrel, while crude oil WTI futures were up 1% at $86.72 per barrel.
Dollar index
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at around 107.99, falling by 0.20% against the last session.
The rupee was recorded at 80.71 against the US dollar, almost stable against the last closing.
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