Base metals market update

Base metals (zinc, aluminium and lead) futures on the London Metal Exchange (LME) and Shangai Futures Exchange (SHFE) gained 3% d-o-d on 9 August. However, nickel and copper fell by up to 1% from the previous session.

Market players are eagerly awaiting the US CPI data which is due later in the day today. This data is expected to be the guiding factor for the Fed's next policy initiatives geared towards tackling inflation leading to fluctuation in base metal prices.

Base metals market performance - 9 August

SHFE copper gained 0.15%, aluminium jumped 0.86%, lead fell 0.16%, and zinc added 2.04%.

LME 3-month copper remained almost stable, aluminium rose 1.84%, lead up 0.09%, zinc up 2.64% and nickel lower by 0.57%.

MCX aluminium rose 0.79%, lead rose 0.79%, zinc up by 2.48%, copper remained almost stable d-o-d.

Stock levels keep falling

LME warehouse stocks of base metals kept falling on d-o-d basis. All base metals stocks fell marginally by upto 1.52%, SteelMint notes.

Oil prices slip

Brent oil futures fall 0.84% to $95.50 per barrel and crude oil WTI futures decreased 1% to $89.56 per barrel at the time of reporting.

Currency exchange

The Indian rupee was at 79.48 against the US dollar. The dollar index, which gauges the value of the dollar in relation to a basket of six different currencies, hovered around $106.35 at the time of reporting.