Base metals prices show diverse trends

Base metals prices on all the major exchanges showed mixed trends on 2 November, 2022. The US Fed's rate hike continued to put pressure on almost all base metals.

It has been almost three years since Covid-19 first hit China, but the country's relentless adherence to lockdowns continues to hobble business and the economy.

On Wednesday, authorities imposed a seven-day lockdown of the area that houses China's biggest iPhone assembly factory, in the central city of Zhengzhou, as per latest reports.

Bank of England hikes interest rate by 75 basis points

The Bank of England raised interest rates to 3% on Thursday from 2.25% as it warned of a "very challenging" outlook for the economy.

Base metals market performance - 3 November

LME copper inventories fell for nine consecutive days yesterday.

• LME's three-months copper was down 0.9%, nickel was down by 5.6%, aluminium increased by 0.6%, zinc fell by 1.0% and lead was up 0.4%.
  
  
• SHFE copper fell 0.27%, aluminium gained 0.08%, lead added 0.66%, and zinc rose 1.03%.
  
  

LME stock levels decline

All base metals stocks at LME-registered warehouses decreased by up to 8% d-o-d in the last session. However, lead stocks remained stable.

Oil prices rise slightly

Brent oil futures remained almost stable at $96 per barrel, while crude oil WTI futures were up 0.30% at $89.92 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 around 112.54, down marginally by 0.35% against the last session.

The rupee depreciated 12 paise to 82.54 against the US dollar, appreciating 0.27 paise against the last session.