- Japan sees 2.2% GDP growth in Q4, below estimates
- Peru plans talks with US over copper tariff threat
Base metals prices on the London Metal Exchange (LME) remained range-bound, with lead recording a gain of 1.44% d-o-d. Meanwhile, inventories at LME-registered warehouses showed marginal declines, with copper dropping by 1.55% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $10,206/tonne (t), down by 1% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 800,000/t ex-Delhi. Aluminium Tense scrap prices increased by INR 2,000/t d-o-d, with ex-Delhi at INR 184,000/t and ex-Chennai at INR 185,000/t.
Key updates
Japan downgrades Q4 GDP, US tariffs cloud outlook
Japan’s economy grew at an annualised 2.2% in Q4, slower than the 2.8% initially reported, due to weak consumption. Revised data showed capital expenditure rising but household spending falling. While the figures support further rate hikes from the Bank of Japan (BOJ), concerns remain over US trade policies. Officials warned of risks from US tariffs and rising food prices.
Peru prepares US delegation amid copper tariff threat
Peru plans to send officials to the US after the Trump administration announced an investigation into copper imports, the results of which could lead to the imposition of tariffs. Tariffs on copper imports may heavily impact Peru, a top exporter. Accordingly, energy and mines minister Jorge Montero warned of rapidly shifting trade policies. While Peru exports mostly to China, US miner Freeport-McMoRan operates in the country. Other exports, such as blueberries, may also face risks.
Oil prices drop
Brent crude futures were recorded at $69.24/barrel today. Meanwhile, WTI crude oil futures decreased by 0.17% d-o-d to $69.92/barrel.
Natural gas prices decline
Natural gas stood at $4.45/metric million British thermal units (MMBtu), down by 0.91% 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 103.72, down by 0.22% d-o-d at the time of reporting. The Indian rupee was recorded at INR 87.29 against the dollar.
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