Base metal prices show mixed trends

Base metals on the London Metal Exchange (LME) closed on a positive note except nickel as it remained almost stable on the last trading day, SteelMint noted.

The same trading on the Shanghai Futures Exchange (SHFE) closed on a volatile note.

The strong winds of inflation is blowing across nations and central bankers are determined to fight it out. Amidst the inflationary environment, the central bank meeting in Jackson Hole last week, US Fed Chairman Powell said that the Fed would continue to raise the interest rates and maintain a high rate for a period of time.

Base metals market performance - 26 August

SHFE copper rose 0.25%, aluminium added 1.25%, lead lost 0.73%, and zinc flat.

LME 3-month copper up by 0.38%, lead rose 0.46%, aluminium up 2.47%, zinc increased by 0.48% and nickel lost marginally by 0.20%.

MCX aluminum up 1.20%, nickel increased 1.24%, lead down 0.19%, copper down slightly 0.27%, zinc almost stable.

Stock levels decrease d-o-d

LME registered warehouse stocks of base metals fell by up to 1.3% d-o-d. Copper stocks were down by the most (-1.31%), SteelMint noted.

Oil prices edge up

Brent oil futures rose by 2% to $101 per barrel and crude oil WTI futures increased 1.03% to $94.02 per barrel at the time of reporting.

Currency exchange

The Indian rupee tumbled to a new low against the US dollar today. The domestic currency dived to a low of 80.11 vs $, compared to the previous session's close of 79.87. At the time of reporting, the domestic unit traded at 80.07 against the greenback.

The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at around $109.24, rising by 0.40% against last session.