Base metals prices on all major exchanges moved higher, except Nickel in London Metal Exchange (LME), on the last trading session of 9 January, 2023.
Three-month contract prices on LME closed mostly in a positive range. Aluminium prices rose by 6.2%, zinc rose by 6%, lead increased by 2.3%, copper edged up by 3.1%, and nickel fell by 2.3%.
SHFE copper added 1.68%, aluminium rose 1.67%, lead fell 0.1%, and zinc jumped 0.17%.
In similar vein, MCX futures prices remained positive on the last trading day. Nickel was stable at INR 2,450/kg, lead dropped 0.19% to INR 188.7/kg, copper rose by 2.43% to INR 751.6/kg, aluminium was up 3% to INR 210.95/kg, while zinc increased by 3.58% to INR 280.80/kg.
Copper prices on LME moved to more than six-month high on 9 January, 2023 Monday. Meanwhile, most of the other base metals also rose as demand prospects brightened after top consumer, China reopend its border.
LME stock levels decrease
Base metals stocks at LME-registered warehouses decreased by up to 6.0% in the last session yesterday.
Oil prices up
Brent oil futures were up 0.93% to $79.31 per barrel while crude oil WTI futures rose by 0.62% to $74.23 per barrel at the time of publishing this report.
Dollar index
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at around 103.16 at the time of publishing this report, up 0.16% against the last session.
The rupee was recorded at 82.22 against the US dollar, appreciating 0.10 paise against the previous closing.
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