Most Shanghai Futures Exchange (SHFE) and London Metal Exchange (LME) base metals closed with gains on 7 July 2022. The market sentiment eased slightly after US Fed officer Waller spoke yesterday with a bullish outlook for a soft economic landing, saying fears of a US recession were exaggerated and advocating a 50 basis point rate hike in September. Some investors returned to the market on 7 July, as per reports.
Base metal market performance on last trade:
- LME copper jumped 3.84%, aluminium grew 1.34%, lead fell 1.05%, and zinc rose 2.77%.
- SHFE copper jumped 3.3%, aluminium grew 1.31%, lead fell 0.36%, and zinc rose 2.14%.
- MCX copper was up 2.9%, aluminium was up 1.3%, zinc was up 2% yesterday.
Stocks
The LME warehouse stocks of all base metals on a d-o-d basis have fallen marginally. However, aluminium stocks fell 4,950 tonnes (t) d-o-d yesterday.
Oil up on worries over tight global supplies
Brent oil futures rose 0.51% to $105.19/barrel while crude oil WTI futures edged up 0.18% to $102.90 at the time of reporting.
Currency exchange
The Indian currency ended trading at 79.23 against the dollar. The index rose to nearly 2-decade highs at around 107.30 earlier in the week against the backdrop of further deterioration in the risk complex in response to rising recession talks.
Now, the index is up 0.01% at 107.04 and a break above 107.26 (2022 high July 6)
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