Base metals prices show mixed trends

Base metals prices on all major exchanges witnessed mixed trends on 8 December, 2022.

• LME's three-months copper contract edged up by 1%, nickel fell 5.5%, aluminium was up 0.7%, zinc rose by 1.7%, while lead remained almost firm.
  
  
• SHFE copper rose 0.89%, lead added 0.13%, and zinc fell 0.22%.
  
  

South Korea's current account data out for Oct'22

South Korea's current account surplus came to $880 million in the month, remaining positive for the second straight month though narrowing sharply from the $1.58 billion surplus recorded in September as imports outpaced exports.

On the other hand, China announces nationwide loosening of Covid curbs, raising hopes of better demand for base metals.

LME stock levels down

Base metals stocks at LME-registered warehouses decreased by up to 2.1% d-o-d in the last session. However, lead stocks remained stable.

Oil prices decline

Brent oil futures fell by 0.54% at $76.75 per barrel, while crude oil WTI futures were almost stable at $72.05 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 around 104.55, down marginally by 0.21% against the last session.

The rupee was recorded at 82.20 against the US dollar, appreciating 0.07 paise against the last closing.