Base metals prices show diverse trends, market awaits US interest rate decision

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

Market participants are eying the upcoming US Federal interest rate decision which is to be out in next two days.

Base metals market performance - 16 September

• SHFE copper added 1.29%, aluminium rose 1.12%, lead fell 0.73%, and zinc gained 0.75%.
  
  
• LME three-month copper futures up 0.43%, nickel up 4.85%, aluminum down 1.30%, zinc decreased by 1.04%, and lead down by 1.41%.
  
  
• MCX aluminium down by 1.24%, nickel decreased 3.13%, lead dropped 0.92%, copper up marginally 0.88% and zinc fell by 0.56%.
  
  

Stock levels down

Stocks at LME-registered warehouses were down by up to 1.6% d-o-d in the last session.

Oil prices rise

Brent oil futures, on the other hand, were up by 1.31% at $91.23 per barrel and crude oil WTI futures rose marginally by 0.81% at $85.45 per barrel at the time of reporting.

Currency exchange

The Indian rupee was trading at 79.67, appreciating 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 109.92, up marginally by 0.20% against the last session.