- China’s manufacturing activity slows amid tariff pressure
- South Korea’s exports rise, but trade momentum slows down
Base metals prices on the London Metal Exchange (LME) showed negative trends, except for nickel, which recorded a gain of 1.62% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed negative movements, except nickel which rose by 0.87% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $9,995/tonne (t), remaining stable compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 785,000/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
China’s manufacturing sector slows amid tariff pressure
China’s manufacturing activity is set to contract for the second month in a row. US tariffs and weak domestic demand are adding to the pressure. Policymakers are planning fiscal stimulus and monetary easing to sustain growth. Investors await the 5 March Parliament meeting for new economic measures to support industries and counter external challenges.
South Korea’s exports rise, trade war looms
South Korea’s exports likely rose 3.8% in February, mainly due to extra working days. On an adjusted basis, exports fell 2.7%, signalling slowing trade momentum. Economists warn of further pressure from US tariffs on China, South Korea’s top trade partner. The central bank cut growth forecasts, reflecting concerns over weakening exports amid the global trade war.
Oil prices drop
Brent crude futures were recorded at $73.66/barrel today. Meanwhile, WTI crude oil futures decreased by 0.47% d-o-d to $70.02/barrel.
Natural gas prices drop
Natural gas stood at $3.91/metric million British thermal unit (MMBtu), down by 0.43% 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 107.33, up by 0.14% d-o-d at the time of reporting. The Indian rupee was recorded at INR 87.39 against the dollar.
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