Base metals prices close on positive note

Base metals on the London Metal Exchange (LME) and the Shanghai Futures Exchange (SHFE) closed mostly on a positive note on the last trading day.

The US economy is projected to add 8.3 million jobs from 2021 to 2031, the U.S. Bureau of Labor Statistics (BLS) reported yesterday. Total employment is projected to increase from 158.1 million to 166.5 million and grow 0.5% annually. However, this is slower than the 1.0% annual growth recorded over the 2011-21 decade.

Base metals market performance - 8 September

• SHFE copper rose 1.62%, aluminium added 0.87%, lead fell 1.09%, and zinc gained 1.08%.
  
  
• Three-month copper on LME was up by 2.47%, nickel rose marginally 0.80%, aluminium up 1.43%, zinc increased by 0.13%, and lead fell by 1.10%.
  
  
• MCX aluminium up by 1.23%, nickel fell 0.39%, lead up 0.23%, copper up 2.34%, and zinc rose 1.04%.
  
  

Stock levels down

Stocks at LME-registered warehouses dropped marginally by up to 0.72% d-o-d on the last session.

Oil prices edge up

Brent oil futures increased by 1% to $89.58 per barrel and crude oil WTI futures rose 0.40% to $83.88 per barrel d-o-d at the time of reporting.

Currency exchange

The Indian rupee was traded at 79.64, appreciating slightly by 0.5 paise against the greenback at the time of reporting.

In addition, the dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at around 108.89, down marginally by 0.74% against the last session.