Base metals prices on the London Metal Exchange (LME) showed positive trends except lead which went down marginally on the last trading day.
LME’s three-month copper futures rose 2.4%, nickel up 1.1%, aluminium increased by 1.8%, zinc rose by 2.2% and lead down by 0.4%.
On MCX, aluminium was up by 0.8%, nickel decreased slightly by 0.3%, lead edged down by 0.1%, copper rose by 1.3%, and zinc increased by 1.3%.
UK inflation soars
The UK’s Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose by 8.8% in September 2022, up from 8.6% in August.
The largest upward contributions to the annual CPIH inflation rate in September 2022 came from housing and household services (principally from electricity, gas and other fuels, and owner occupiers’ housing costs), food and non-alcoholic beverages, and transport (principally motor fuels).
LME stock levels fluctuate
Copper, zinc and lead stocks at LME-registered warehouses decreased by up to 2% d-o-d in the last session. However, aluminium and nickel stocks showed upward trend by up to 1% yesterday.
Oil prices rise marginally
Meanwhile, brent oil futures rose 0.31% to $92.78 per barrel, while crude oil WTI futures were up 0.48% at $84.96 per barrel at the time of reporting.
Currency exchange
The rupee remained at 82.82 paise, close to the 83-mark against the US dollar.
Besides, rising crude oil prices in the international market weighed on the local currency, SteelMint noted.
The dollar is hovering at its peak driven by the ongoing concerns about how aggressive interest rate hikes by major central banks will affect global economic growth and company profits.
Dollar index
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at around 113.06, up marginally by 0.16% against the last session.
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