Base metals prices on the London Metal Exchange (LME) remained range-bound, with zinc recording a drop of 1.45% d-o-d. Additionally, inventories at LME-registered warehouses also recorded slight outflows, with zinc decreasing by 2.20% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $11,197/tonne (t), range-bound compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 810,000/t ex-Delhi. Aluminium Tense scrap prices dropped by INR 1,000/t d-o-d, with ex-Delhi and ex-Chennai at INR 187,000/t.
Key updates
China’s manufacturing activity grows, boosted by strong orders
China’s manufacturing activity hit a 12-month high in March, with the official PMI rising to 50.5, driven by strong domestic orders and resilient exports. The non-manufacturing PMI also improved, indicating infrastructure spending and solid demand. However, analysts caution that the US trade war and slowing GDP growth may limit long-term economic recovery.
Japan’s factory output rises, but economic strains persist
Japan’s factory output rose 2.5% in February, exceeding expectations, but the outlook remains weak with minimal growth forecast for March and April. Cooling retail sales and US tariffs on autos are adding pressure. Manufacturers worry about global trade risks, while subdued domestic consumption points to a challenging year for Japan’s economy.
Oil prices fall
Brent crude futures were recorded at $73.40/barrel today. Meanwhile, WTI crude oil futures decreased by 0.50% d-o-d to $69.66/barrel.
Natural gas prices rise
Natural gas stood at $4.17/metric million British thermal unit (MMBtu), up by 2.63% 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 103.57, down by 0.13% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.48 against the dollar.
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