Base metals prices continue to remain volatile

Base metals prices on the London Metal Exchange (LME) and the Shanghai Futures Exchange (SHFE) continued their volatile trend in the last trading day.

China lifts two-week lockdown

China is starting easing strict Covid-19 regulations that had affected the economic growth and metals demand in the country following more than two weeks of lockdown.

However, the metals' trading sentiment was cautious ahead of the US Federal Reserve meeting later in the day, amid a busy week for global central bank meetings.

Base metals market performance - 19 September

• SHFE copper lost 0.4%, aluminium was up by 0.13%, lead added 0.2%, and zinc gained 0.18%.
  
  
• LME's three-month copper futures were down 0.12%, nickel up 1.42%, aluminum down 1.14%, zinc decreased by 0.41%, and lead down by 0.26%.
  
  
• MCX aluminium down by 1.28%, nickel increased 3.50%, lead up 1.24%, copper down marginally 0.44% and zinc remained almost stable.
  
  

Stock levels mostly down

Most base metals stocks at LME-registered warehouses were down by up to 0.73% d-o-d in the last session. However, copper stocks increased by 3.01% and nickel remained almost stable.

Oil prices rise

Brent oil futures, on the other hand, were up by 2.19% at $92.03 per barrel and crude oil WTI futures were up marginally by 1% at $85.76 per barrel at the time of reporting.

China is among the largest importers of crude oil globally, and mobility restrictions in the country had raised demand concerns. Chengdu city, which faced strictest Covid lockdowns after Shanghai earlier this year, has lowered restrictions from a two-week lockdown from Monday, supporting oil prices.

Currency exchange

The Indian rupee was trading at 79.59, depreciating 0.16 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 109.58, down marginally by 0.15% against the last session.