Base metals prices on the Shanghai Futures Exchange (SHFE) and London Metal Exchange (LME) witnessed downward movement amid negative sentiments in the market.
Notably, the European Central Bank (ECB) raised the interest rate by 50 basis points (0.5) to curb inflation, breaking its own guidance of 25 basis points (0.25), which fuelled recession fears.
At the same time, it is necessary to pay attention to the US GDP data for the second quarter after the Fed announces its decision next week.
Base metals market performance
LME 3-month copper fell 0.8%, aluminium lost 0.4%, lead moved down 1%, and zinc fell 2.3%; however, nickel prices increased by 1.4%.
SHFE copper lost 0.19%, aluminium slid 0.5%, lead dropped 1.34% and zinc fell 1.03%.
Stock levels mostly down
LME warehouse stocks of most base metals fell up to 1% on a d-o-d basis in the last trading session.
Oil prices show marginal recovery d-o-d
Brent oil futures rose 1.50% to $105.44 per barrel and crude oil WTI futures rose 1.43% to $97.73 per barrel at the time of reporting.
Currency exchange
The Indian rupee opened at 79.90 against the US dollar, then fell to 79.92 against the greenback, registering a decline of 7 paise over the last close.
The rupee declined 10 paise to close below the 80 mark against the US currency on Wednesday due to dollar demand from importers amid high crude oil prices.
The US dollar index slipped to $106.80 at the time of reporting.
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