Base metals prices on the London Metal Exchange (LME) showed a marginal decline, with nickel recording a drop of 2.52% d-o-d. Meanwhile, inventories at LME-registered warehouses remained range-bound, with aluminium dropping by 0.80% 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 784,000/t ex-Delhi. Aluminium Tense scrap prices inched up by INR 1,000/t d-o-d, with ex-Delhi at INR 180,000/t and ex-Chennai at INR 181,000/t.
Prices of aluminium (OEM) ADC12 alloyed ingots were heard at INR 218,000-220,000/t for the northern region and INR 218,000-223,000/t for the southern region.
Japan aluminuim market overview
In January, Japan’s aluminium imports decreased from the elevated levels seen in December, while domestic demand showed a modest y-o-y increase.
Primary aluminium imports dropped by 26.3% compared to December and by 16.5% y-o-y, totaling 80,596 t in January.
According to the Japan Aluminium Association (JAA), domestic aluminium production grew by 5.2% y-o-y, reaching 123,735 t. Domestic shipments of aluminium products also saw a rise of 2.8%, reaching 129,493 t during the same period.
Key updates
India’s manufacturing growth hits 14-month low in February
India’s manufacturing activity slowed to a 14-month low in February, growing at its weakest pace in over a year due to cooling demand. The HSBC India Manufacturing PMI dropped to 56.3 from 57.7 in January. Despite this, employment rose, and inflation eased, with input costs increasing at the slowest pace in 12 months.
Japan’s factory activity contracts amid trade concerns
Japan’s factory activity shrank for the eighth consecutive month in February, with the manufacturing PMI rising slightly to 49.0 from 48.7 in January, signalling a softer contraction. Firms faced weak domestic and global demand, particularly from the US, Europe, and China. Concerns about US protectionist trade policies and a sluggish economic recovery dampened business outlook, while input costs rose.
Oil prices rise
Brent crude futures were recorded at $73.16/barrel today. Meanwhile, WTI crude oil futures increased by 0.49% d-o-d to $70.10/barrel.
Natural gas prices drop
Natural gas stood at $3.77/metric million British thermal units (MMBtu), down by 1.67% 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 107.17, down by 0.37% d-o-d at the time of reporting. The Indian rupee was recorded at INR 87.35 against the dollar.
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