Base metals prices on all the major exchanges showed negative trends on 17 November, 2022.
China retail sales
From January to October this year, total retail sales of social consumer goods in China stood at RMB 4,027.1 billion, a decrease of 0.5% y-o-y. Retail sales of consumer goods other than automobiles stood at RMB 3,657.5 billion, down 0.9% on-year.
Japan inflation data
Japan's core consumer inflation accelerated to a 40-year high in October, driven by currency weakness, as per latest reports.
Japan's core consumer price index rose 3.6% y-o-y in October and marks the fastest price growth since 1982. The dollar is still on the higher side i.e., above 81 levels currently. A stronger dollar makes dollar-denominated oil more expensive for holders of other currencies.
Base metals market performance - 17 November
LME stock levels decline
All base metals stocks at LME-registered warehouses decreased by up to 1.3% d-o-d in the last session.
Oil prices fall d-o-d
Brent oil futures fell 2% to $90.37 per barrel, while crude oil WTI futures were down 2.5% at $82.39 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 around 106.61, down marginally by 0.08% against the last session.
The rupee was recorded at 81.67 against the US dollar, almost stable against the last closing.
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