Base metals prices mostly rebound d-o-d

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

LME has corrected in the past one week by $100-150/t but notably the price correction was not reflected in scrap prices due to material shortage on lower accumulation at scrapyards overseas, Steelmint noted.

India's service sector upbeat

India's service sector activity accelerated in August. The S&P Global India Services PMI index rose to 57.2 in August from a four-month low of 55.5 in July, highlighting a rebound in growth.

Base metals market performance - 5 September

• SHFE copper rose 1.17%, aluminium closed flat, lead added 0.57%, and zinc gained 2%.
  
  
• Three-month copper on LME inched up by 0.26%, nickel rose 4.53%, aluminium remained almost stable, zinc increased by 1.98%, and lead fell by 0.69%.
  
  
• On the other hand, MCX aluminium edged down by 0.34%, nickel remained almost stable, lead fell 0.49%, copper edged up 1.06, and zinc rose 1.34%.
  
  

Stock levels down

Stocks at LME-registered warehouses fell by up to 1.90% d-o-d on the last session. However, aluminium stocks increased by 0.36.%.

Oil prices edge up

Brent oil futures remained rangebound at $95 per barrel and crude oil WTI futures increased by 0.90% to $88.67 per barrel at the time of reporting.

The OPEC+ said it will trim production levels to offset a drop in prices amid fears of slowing demand and stagnant economic growth, as per reports.

Currency exchange

The Indian rupee traded at 79.87, depreciating slightly by 0.2 paise against the greenback at the time of reporting.

Notably, the dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered around $109.4, down marginally by 0.10% against the last session.