Base metals prices on all major exchanges witnessed positive trends on 30 November, 2022.
Copper future prices on Thursday climbed to their strongest in two weeks, supported by a weaker dollar and signs of top metals consumer, China, shifting away from its stance of stringent COVID-19 curbs.
Fed may hike rates in Dec’22
The US Fed may increase its key interest rate by a small margin at its December meeting, maybe only half a point, after four straight three-quarter point hikes.
The real gross domestic product (GDP) of the US increased at an annual rate of 2.9% in the third quarter of 2022, according to the “second” estimate released by the Bureau of Economic Analysis. In the second quarter, real GDP decreased 0.6%.
Despite high interest rates and chronic inflation, the US economy grew at a 2.9% annual rate from July through to September
India market overview: Base metals prices in India’s domestic market were mostly fim yesterday despite an upward trend on the LME due to limited activities.
Base metal market performance
LME’s three-months copper contract edged up by 2.5%, nickel rose 0.5%, aluminium was up 4.1%, zinc rose 3.5%, and lead increased 2.8%.
SHFE copper gained 1.16%, aluminium added 1.89%, lead rose 0.19%, and zinc advanced 1.8%.
LME stock levels mostly down
Base metals stocks at LME-registered warehouses decreased by up to 1.3% d-o-d in the last session.
Oil prices rise
Brent oil futures rose 1.5% at $85.43 per barrel, while crude oil WTI futures went up by 2.4% to $80.41 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 106.52, down marginally by 0.25% against the last session.
The rupee was recorded at 81.09 against the US dollar, appreciating 0.60 paise against the last closing.
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