Today, London Metal Exchange (LME) prices opened on a positive note barring lead, the exchange remained close on Monday for the Easter holidays. Furthermore, stocks in LME registered warehouses remained steady.
Three-month aluminium futures inched up by 0.09% to $2,337/tonne (t), while nickel prices were at $16,875/t (up 1.3%). Copper prices settled at $8,960/t, while zinc edged up by 0.6% to $2,452/t. Lead prices dipped 0.4% to $2,044/t.
COMEX market
Copper prices on the Commodity Exchange (COMEX) stood at $8,894/t, slightly up by 1.1% from $8,799/t compared to the previous closing.
India’s non-ferrous market
India’s domestic aluminium scrap prices saw a marginal uptick yesterday. Marginal price hikes by a few sellers are yet to be received in an appropriate way by buyers. However, sources shared that prices had to rebound in line with imported scrap prices. Meanwhile, copper prices saw slight gains as of yesterday.
Global updates
U.S. manufacturing sees first growth in March
In March, U.S. manufacturing experienced its first growth in 1.5 years, driven by a sharp rebound in production and increased new orders. However, factory employment remained subdued amid significant layoffs, while input prices surged. Despite signs of improvement, concerns linger over potential inflationary pressures and supply chain challenges impacting the sector’s recovery trajectory.
China’s economy: signs of stability
China’s economy showed signs of stability, with recent data indicating a potential rebound. However, analysts remained cautious about sustained growth, highlighting challenges in reinvigorating the economy and addressing structural issues, particularly in the property sector. Concerns persisted over the effectiveness of policy measures in maintaining growth momentum.
Baltimore Port reopens amid challenges
The Port of Baltimore partially reopened a channel after last week’s bridge collapse, but larger restoration efforts are hindered by challenging conditions. The cargo vessel Dali, trapped under debris with a crew onboard, presented a significant obstacle. Recovery teams faced complexities in clearing the wreckage, with no estimated timeline for completion.
Japan auto sales rise, mini vehicles decline
In the fiscal year ending March 2024, auto sales in Japan increased by 3.3% to 4.53 million vehicles, yet remained below pre-pandemic levels. While overall sales rose, mini vehicle sales dropped due to production halts at Daihatsu Motor Co. Suzuki Motor Corp. became the top mini vehicle seller, ending Daihatsu’s 18-year streak.
Zinc prices rise amid supply challenges
Zinc prices rose, driven by decreased Chinese smelter output and tight zinc concentrate supply post-holidays. Despite yearly decline, March saw a slight uptick in domestic refined zinc production. Hawkish remarks from Federal Reserve officials boosted investor sentiment, while supply disruptions, including Glencore’s mine halt, impacted market dynamics.
Oil prices gain
Brent oil futures were up slightly by 0.45% to $87.81 per barrel. Crude oil WTI futures up by 0.47% to $84.11 per barrel at the time of reporting.
Natural gas prices dip
Prices of natural gas were recorded at $1.828/MMBtu, down by 0.49%.
Dollar index
The dollar index, which gauges the value of the greenback in a basket of six different currencies, hovered at 105.05, slightly up by 0.03%.
The rupee was recorded at INR 83.34 against the dollar, appreciating marginally against the previous closing.