Base metals prices show upward trend

Base metals prices on the London Metal Exchange (LME) and the Shanghai Futures Exchange (SHFE) showed an upward trend on the last trading day, rising by up to 8.5% d-o-d.

Prices of most base metals moved up, supported by declining stocks at LME-registered warehouses.

Base metals market performance - 5 October

• LME's three-month copper futures rose 1.78%, nickel was up 5.63%, aluminium rose 3.52%, zinc edged up 2.60% and lead rose 8.47%.
  
  
• On MCX, aluminium was up 4.3%, nickel decreased slightly by 1%, lead edged up by 1.2%, copper rose 1.8%, and zinc increased by 3.7%.
  
  

Stock levels mostly down

Most base metals stocks at LME-registered warehouses decreased by up to 1% d-o-d in the last session. However, copper stocks increased by 1.39%.

Oil prices rise

Meanwhile, brent oil futures rose 2.5% to $93.37 per barrel, while crude oil WTI futures were up 1% at $87.72 per barrel at the time of reporting.

Members of OPEC+, a group that includes Saudi Arabia and Russia, said that they would slash production by two million barrels per day, to stabilise prices, which have fallen in recent months as the world economy has slowed down.

Currency exchange

The Indian rupee was trading at 81.68, depreciating 0.24 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 110.99, down marginally by 0.08% against the last session.