- South Korea’s exports likely to rise 3.5% in Mar
- China’s industrial profits fall 0.3% in Jan-Feb’25
Base metals prices on the London Metal Exchange (LME) showed marginal a downtrend, with lead recording a drop of 2.39% d-o-d. Additionally, inventories at LME-registered warehouses also recorded slight outflows, with zinc decreasing by 1.36% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $11,150/tonne (t), decreasing by 3% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 820,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi and ex-Chennai at INR 188,000/t.
Key updates
South Korea’s exports boosted by chip sales despite tariff risks
South Korea’s exports are expected to rise 3.5% in March, driven by an increase in chip sales. However, economists warn of weakening momentum due to US tariffs, including new duties on automobiles and chips. Despite a 4.5% export increase in early March, trade with China declined. Imports rose 2.3%, leading to a projected trade surplus of $6.06 billion.
China’s industrial profits drop amid economic struggles
China’s industrial profits fell 0.3% in January-February 2025, reversing a previous 11% gain in December. This decline highlights ongoing challenges such as deflation, US tariffs, and sluggish exports. Despite some sectors, such as electric vehicles, performing well, the broader economy faces pressure from overcapacity and weak domestic demand, prompting calls for more policy support to boost growth.
Oil prices fall
Brent crude futures were recorded at $73.75/barrel today. Meanwhile, WTI crude oil futures decreased by 0.37% d-o-d to $69.66/barrel.
However, oil prices are nearing a one-month high, poised for a third consecutive gain w-o-w, driven by concerns over tightening global supply due to US tariffs on Venezuelan and Iranian oil. However, analysts caution that demand uncertainties and tariffs may limit further price increases.
Natural gas prices dip
Natural gas stood at $3.90/metric million British thermal unit (MMBtu), down by 0.43% 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 103.96, down by 0.03% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.61 against the dollar.
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