Quote on Base Metal : LME Lead and Nickel cracked lower by over 6 to 8 percent Says Mr. Saish Sandeep Sawant Dessai, Angel One Ltd
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Quote on Base Metal By Mr. Saish Sandeep Sawant Dessai, Research Associate- Base Metals, Angel One Ltd
In yesterday's trading session, the commodity market experienced widespread selling. However, looking at the base metals, which witnessed sharp selling, as LME Lead and Nickel cracked lower by over 6 to 8 percent. The sharp selling in the metals came as a surging dollar after US inflation fuelled expectations of aggressive policy tightening amid slowing economic growth prompting fears of lower demand. The annual US consumer prices jumped 9.1% in June, the largest increase since 1981, leaving the Federal Reserve to raise interest rates by another 75 basis points at the end of the month, which would further restrain economic growth and metals demand. In other news, the European Commission reportedly lowered its projection for economic growth in 2022 and 2023 and anticipated record levels of inflation.
Due to rising recessionary fears, the dollar index reached its highest level since October 2002, as the metals priced in the US dollar became more expensive for holders of other currencies. The metals still continue to be under pressure, but we cannot completely rule out the improving economic numbers from China, the world's largest consumer of metals, which could provide some support for the depressed metal prices. Together with PMI data that has inched up beyond the 50-point level following the lifting of COVID-19 lockdowns, the country's exports are also seen increasing at the fastest rate in five months as the trade surplus surged to a record high of USD 97.94 billion in June 2022.
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