Base metal prices rise on China's fresh stimulus measures, prospects of improved demand

Base metal prices on the London Metal Exchange (LME) and the Shanghai Futures Exchange (SHFE) showed an upward trend on the last trading day. Prices rebounded on China's fresh stimulus measures and on the prospects of improved demand from its construction sector towards the end of the monsoon.

On the other hand, global central banks have followed the pace of US Federal Reserve's decision of rate hike yesterday, and raised their interest rates.

Base metals market performance - 22 September

SHFE copper jumped 0.22%, aluminium gained 0.37%, lead fell 0.53%, and zinc rose 0.81%.

Meanwhile, LME's three-month copper futures were down 0.13%, nickel down 1.55%, aluminum up 1.18%, zinc increased by 0.26%, and lead was up 0.76%.

MCX aluminum was up by 1.76%, nickel decreased by 0.28%, lead was stable, copper and zinc inched up 1.27% and 1.40% respectively d-o-d.

Stock levels mostly down

Most of the base metals stocks at LME-registered warehouses decreased by up to 5.41% d-o-d in the last session. However, copper stocks increased by 4.05% and nickel by 2%.

Oil prices fall

Brent oil futures fell to $89.29 per barrel and crude oil WTI futures were down marginally 1.38% at $82.33 per barrel at the time of reporting.

Currency exchange

The Indian rupee was trading at 80.95, depreciating 0.25 paise against the greenback at the time of reporting.

The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at around 111.87, up by 0.46% against the last session.