Base metals prices on LME show positive trends, stocks witness outflows

• China’s exports rise 2.3% in Jan-Feb, below 5% forecast
• Trump’s tariffs could push India towards trade reforms

Base metals prices on the London Metal Exchange (LME) showed positive trends, with nickel gaining 2.50% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed negative movements, except for nickel, whose stocks were up by 2.51% d-o-d.

COMEX market update

Copper prices on the COMEX stood at $10,483/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 795,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 182,000/t and ex-Chennai at INR 183,000/t.

Key updates

China sees weaker-than-expected export growth in Jan-Feb

China’s January-February exports rose just 2.3%, below the 5% forecast, while imports unexpectedly fell 8.4%. This marks a slowdown after nine months of growth. The trade downturn comes amid rising tensions with the US, posing risks to China’s economic recovery, just as the government set a 5% growth target for 2025.

Trump’s tariffs could push India towards trade reforms

India’s exports have suffered due to high import tariffs and low FDI in mid-tech sectors. HSBC suggests that potential US tariffs under Trump could drive India toward reforms. While Southeast Asia gained from past trade shifts, India lagged. To capitalise on new global supply chain changes, India must implement structural reforms to boost competitiveness.

Oil prices rise

Brent crude futures were recorded at $69.58/barrel today. Meanwhile, WTI crude oil futures increased by 0.12% d-o-d to $66.44/barrel.

Natural gas prices drop

Natural gas stood at $4.26/metric million British thermal units (MMBtu), down by 0.79% 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 103.94, down by 0.08% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.92 against the dollar.