Base metals prices on the London Metal Exchange (LME) showed negative trends, with zinc recording the highest decline of 1.37% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed mixed movements, with zinc up by 2.34% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $10,332/tonne (t), increasing by 4% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 786,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 179,000/t and ex-Chennai at INR 180,000/t.
Global updates
Trump orders investigation into copper imports
US President Donald Trump has initiated an investigation into copper imports, potentially leading to tariffs to bolster US copper production. This move aims to protect domestic producers from foreign competition, particularly China, and enhance national security. The investigation, under Section 232, will assess copper imports’ impact on US production and may result in tariffs, raising production costs.
German economy contracts in Q4CY’24
Germany’s economy shrank by 0.2% in Q4 2024, confirming a previous estimate. Exports fell 2.2%, marking the biggest drop since Q2 2020. For the full year, the economy contracted by 0.2%, marking a second consecutive annual decline. Factors include high energy costs, global competition, and elevated interest rates.
Oil prices rise
Brent crude futures were recorded at $73.22/barrel today. Meanwhile, WTI crude oil futures increased by 0.26% d-o-d to $69.11/barrel.
Natural gas prices rise
Natural gas stood at $4.19/metric million British thermal unit (MMBtu), up by 0.38% d-o-d.
Dollar index inches up
The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 106.44, up by 0.21% d-o-d at the time of reporting. The Indian rupee was recorded at INR 87.07 against the dollar.
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