Base metal prices show mixed trends

Base metals on the London Metal Exchange (LME) closed on a positive note on the last trading day, SteelMint notes.

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

China to inject a massive stimulus package

China has stepped up its economic stimulus with an additional RMB 1 trillion ($146 billion) to support growth and curb the fallout of repeated Covid lockdowns and the crisis in the property market.

However, the market is waiting for clues from the US Federal Reserve chairman on the outlook for rate hikes in a speech scheduled later in the day.

Base metals market performance - 25 August

SHFE copper rose 0.86%, aluminium lost 0.79%, lead lost 0.4%, and zinc added 0.14%.

LME 3-month copper up by 1.18%, lead rose 0.15%, aluminium up 0.12%, zinc increased by 1% and nickel up the most by 1.51%.

MCX aluminum up 0.4%, nickel down 0.6%, lead rose 1.2%, copper up 1%, zinc was up by 1% d-o-d.

Stock levels decrease d-o-d

LME registered warehouse stocks of base metals fell by up to 1% d-o-d. Copper stocks were down by the most (-0.93%), SteelMint notes.

Oil prices edge down

Brent oil futures fell by 0.25% to $100.08 per barrel and crude oil WTI futures decreased 1% to $93.21 per barrel at the time of reporting.

Currency exchange

The Indian rupee hovered at 79.89 against the US dollar. The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at around $108.60, rising by $0.53 against yesterday.