Base metals prices on all the major exchanges showed an uptrend on 1 November, 2022.
The rupee is fluctuating at around 83 against the greenback ahead of the US Federal Reserve’s much-awaited monetary policy decision later in the day.
The current focus of the market is on the US November rate hike meeting.
German economy revives in Q3
The gross domestic product posted unexpected growth of 0.3% in the third quarter compared to the second quarter.
Base metals market performance – 01 November
- LME’s three-month copper futures rise 2.7%, nickel up by 8.2%, aluminium increased by 0.9%, zinc rose by 1.7% and lead was up 0.4%.
- SHFE copper added 1.32%, aluminium fell 0.22%, lead gained 0.43%, and zinc advanced 0.56%.
- On MCX, aluminium was slightly up by 0.9%, nickel was almost stable, lead remained stable, copper was up 1.7%, zinc increased by 2%.
LME stock levels decline
All base metals stocks at LME-registered warehouses decreased by up to 5.9% d-o-d in the last session. However, lead stocks remained stable.
Oil prices rise d-o-d
Brent oil futures rose 3% to $95.84 per barrel, while crude oil WTI futures were up 3% at $89.68 per barrel at the time of reporting.
Currency exchange
The rupee depreciated 12 paise to 82.71 against the US dollar.
Dollar index
The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered around 111.29, down marginally by 0.17% against the last session.
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