Base metals prices show positive trends

Base metals prices on all the major exchanges showed an uptrend on 4 November, 2022. Markets started the week with gains on Monday.

US data out for October
US job growth increased in October, the total non-farm payroll employment increased by 261,000 during the month. Notable job gains also occurred in healthcare, technical services and manufacturing.

China's COVID cases rise

China reported its highest daily COVID cases in six months on Monday, despite grinding lockdowns that have heavily disrupted manufacturing and daily life. Market sentiments in China may remain volitile in the short term in view of the spike in cases.

Base metals market performance - 4 November

• LME's three-months copper contract rose by 7.1%, nickel was up by 4.4%, aluminium increased by 4%, zinc rose by 5.7% and lead was up 0.1%.
  
  
• SHFE copper climbed 4.41%, aluminium gained 0.27%, lead shed 0.26%, and zinc rose 3.97%.
  
  

LME stock levels decline

All base metals stocks at LME-registered warehouses decreased by up to 5.7% d-o-d in the last session. However, nickel and lead stocks remained stable.

Oil prices rise d-o-d

Brent oil futures rose 3% to $97.52 per barrel, while crude oil WTI futures were up 3% at $91.46 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 111.06, up marginally by 0.17% against the last session.

The rupee was recorded at 82.19 against the US dollar, appreciating 0.58 paise against the last session.