- UK factories expect modest rebound in output
- Japan’s factory activity shrinks for 8th straight month
Base metals prices on the London Metal Exchange (LME) showed positive trends, with nickel recording the highest gain of 1.69% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed mixed movements, with nickel up by 0.91% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $10,030/tonne (t), stable compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 790,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 177,000/t and ex-Chennai at INR 178,000/t.
Global updates
UK factories see modest output recovery
British factories expect a slight output rebound in the next three months, despite challenges from high taxes, energy costs, and weak exports, the CBI reported. The output expectations index surged to +8 in February, returning to its long-term average. However, order books and export orders remain weak, reflecting subdued domestic confidence and a tough international environment.
Japan’s factory activity shrinks for 8th month in a row
Japan’s factory activity declined for the eighth consecutive month in February, though at a slower pace, as per a private survey. The PMI rose slightly to 48.9, signalling modest recovery despite labour shortages and inflation. Meanwhile, the services sector improved, showing stronger demand and business expansion, with the composite PMI rising to 51.6.
Freeport Indonesia to pay higher duties on copper exports
Indonesia has allowed PT Freeport Indonesia to resume copper concentrate exports but with higher duties as a penalty. The increased duties follow a delay in the operation of Freeport’s Gresik smelter, which was damaged by a fire in 2024. Despite the repair, Freeport seeks a 1.3 mnt export quota for 2025 amid significant inventory levels.
Oil prices fell
Brent crude futures were recorded at $76.30/barrel today. Meanwhile, WTI crude oil futures decreased by 0.23% d-o-d to $72.32/barrel.
Natural gas rise
Natural gas stood at $4.27/metric million British thermal unit (MMBtu), up by 2.94% d-o-d.
Dollar index inches down
The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 106.40, up by 0.31% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.70 against the dollar.
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