Base metals prices show mixed trends

Base metals prices on all major exchanges witnessed mixed trends on 5 December, 2022.

LME's three-months copper contract edged down by 0.7%, nickel fell 0.6%, aluminium was down 0.9%, zinc rose by 1.5%, while lead increased 1.6%.

SHFE copper fell 0.72%, aluminium dropped 1.92%, and zinc slid 0.61%.

US services industry activity picks up in November

USA's Manufacturing Purchasing Managers Index (PMI) increased to 56.5 last month from 54.4 in October, according to the Institute for Supply Management (ISM).

On the other hand, domestic copper prices rose upto 3.5% yesterday following the rise in copper futures on the London Metal Exchange which hit almost a 6-month high and touched the level of $8,475/t. Copper prices also advanced as hopes grew that demand will rebound in China after several cities eased Covid-19 restrictions. The country may announce new Covid-easing measures as early as Wednesday, according to latest reports.

LME stock levels down

Base metals stocks at LME-registered warehouses decreased by up to 1.5% d-o-d in the last session. However, lead stocks remained stable.

Oil prices decline

Brent oil futures fell slightly by 2.5% at $83.15 per barrel, while crude oil WTI futures moved down by 2.5% to $77.32 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 105.33, up marginally by 0.04% against the last session.

The rupee was recorded at 82.25 against the US dollar, depreciating 0.98 paise against the last closing.