Base metals prices extend losses

Base metals prices on the London Metal Exchange (LME) continued the downtrend on the last trading day. All base metals prices decreased except copper as the market is concerned about the upcoming aggressive rate hike in the next two months.

China postpones Q3 GDP data release

China has delayed publication of third-quarter GDP figures and a batch of other economic data in the midst of the country's most important political leadership meeting in years, recently.

China's National Bureau of Statistics stated that the quarterly GDP figure, as well as other major economic indicators including monthly retail sales, property sales and fixed-asset investment were "delayed" and the actual date is yet to release.

Base metals market performance - 17 October

• LME's three-month copper futures rose 0.32%, nickel down 1.08%, aluminium decreased by 3.34%, zinc fell by 2.55% and lead down by 0.69%.
  
  
• SHFE copper gained 0.44%, aluminium added 0.19%, lead inched up 0.03%, and zinc rose 0.39%.
  
  
• On MCX, aluminium was down by 1.8%, nickel decreased slightly by 2%, lead edged down by 0.1%, copper fell by 0.3%, and zinc decreased by 1.9%.
  
  

Stock levels fluctuate

Copper, zinc and lead stocks at LME-registered warehouses decreased by up to 1.85% d-o-d in the last session. However, aluminium and nickel stocks increased by up to 18%.

Oil prices rise

Meanwhile, brent oil futures rose 1% to $92.30 per barrel, while crude oil WTI futures were up 1% at $86 per barrel at the time of reporting.

Currency exchange

The Indian rupee depreciated slightly by 0.25 paise to 82.11 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 111.86, down marginally by 0.16% against the last session.