Base metals prices remain volatile

Base metals prices on all the major exchanges fluctuated on 24 November, 2022.

• LME's three-months copper contract edged up by 0.4%, nickel fell 0.7%, aluminium decreased by 1.3%, zinc up 0.4% and lead increased 1.1%.
  
  
• SHFE copper gained 0.22%, aluminium lost 0.61%, lead slid 0.38%, and zinc shed 0.11%
  
  

China to receive funds for real estate

The International Monetary Fund applauded the Chinese authorities' recent support initiatives for the property sector, including a loan program to help complete unfinished homes.

China's banks, led by Industrial and Commercial Bank of China Ltd, pledged financing support of at least 1.28 trillion yuan ($179 billion) to property developers as part of a push to ease turmoil in the nation's real estate market, as per latest reports.

LME stock levels trend lower

All base metals stocks at LME-registered warehouses decreased by up to 3.4% d-o-d in the last session whereas nickel stocks rose 1.2% d-o-d.

Oil prices fall marginally d-o-d

Brent oil futures remained almost stable, while crude oil WTI futures inched down by 2.5% to $78.44 per barrel at the time of reporting.

Dollar index

The dollar index, which gauges the value of the dollar in a basket of six different currencies, hovered at 105.77, down marginally by 0.29% against the last session.

The rupee was recorded at 81.55 against the US dollar, almost stable against the last closing.