Base metals prices on all the exchange markets showed negative trends on 28 October, 2022.
- LME’s three-month copper futures fell 2.8%, nickel down 1%, aluminium decreased by 3.3%, zinc fell by 4% and lead was up 5%.
- SHFE copper fell 1.69%, aluminium lost 0.58%, lead gained 1.13%, and zinc dropped 1.43%.
- On MCX, aluminium was down by 2.3%, nickel decreased by 3.5%, lead edged up by 0.8%, copper was down 1.8%, while zinc decreased by 3.4%.
China PMI falls
China Manufacturing Purchasing Managers Index (PMI) provides an early indication of monthly economic activities in the manufacturing sector.
The official NBS Manufacturing PMI unexpectedly fell to 49.2 in October 2022 from 50.1 in the previous month. This was the lowest reading since July, amid strict Covid restrictions in several big cities, as per latest reports.
On the other hand, US consumer spending rose in September while underlying inflation pressures continued to bubble, keeping the Federal Reserve on track to hike interest rates by another 0.75 basis points next week.
LME stock levels fluctuate
Copper, zinc and lead stocks at LME-registered warehouses decreased by up to 5% d-o-d in the last session. However, aluminium and nickel stocks showed a stable trend d-o-d.
Oil prices fall marginally
Meanwhile, brent oil futures remained almost stable at $95 per barrel, while crude oil WTI futures were down 0.64% at $87.38 per barrel at the time of reporting.
Currency exchange
The rupee remained at 82.43 paise, depreciating 0.20 paise and close to the 83-mark 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 110.80, up marginally by 0.04% against the last session.
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