All the base metal prices showed a positive upward trend on 11 November 2022. China’s officials have eased the Covid-19 restrictions to boost the market and instructed the financial institutions to increase financial support to property builders. Financial support will boost the demand in the real estate sector, which will brighten the demand for metals.
London Metal Exchange (LME) refused to ban Russian metals in LME warehouses because many buyers are willing to purchase these metals. All the market participants, like manufacturers, traders, and users, are concerned about the decision because the inflow of low-cost metals in the market will affect the others’ metal demand.
Base Metals prices for the three-month futures and stocks at major metal exchanges are as at LME copper prices have jumped by 1.9% to $8,429, and the stock has declined by 2.7% to 77,875, updated by LME on 14 November 2022 whereas SHFE copper prices have increased by 0.12%. LME aluminum prices jumped by 5.8% to $2,463; the stock declined by 0.6% to 549,275, while the prices increased by 1.28% at SHFE. Nickel prices have increased by 3.8% to $26,925, and stock decreased by 0.2% to 50,304. ZINC prices at SHFE have moved upward by 0.4% while at LME, has a significant rise of 4.9% to $3,024, and stock decreased by 0.2% to 42,975. Lead prices have increased by 3% to $2,161 and reduced the stock by 1.1% to 26,800.
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