Base metals prices on the London Metal Exchange (LME) remained range-bound, with zinc recording the highest decline of 1.68% d-o-d. Additionally, inventories at LME-registered warehouses showed negative trends, with copper dropping by 2.74% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $10,713/tonne (t), up 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 804,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi and ex-Chennai at INR 186,000/t.
Key updates
China boosts retail sales amid US trade pressure
China’s retail sales grew early this year, helped by holiday spending. However, joblessness rose, factory output slowed, and US tariffs added pressure. Currently, policymakers are focused on expanding domestic demand with support measures such as a consumer trade-in scheme. Despite economic challenges, China maintains its growth target, though analysts expect an uneven recovery.
US consumer sentiment falls on tariff fears
Consumer sentiment dropped to its lowest in over two years, driven by concerns over tariffs and rising inflation expectations. Additionally, uncertainty around economic policies has made financial planning difficult. Tariff hikes on key goods have fuelled inflation worries, complicating the Federal Reserve’s next steps. Analysts warn that falling confidence could hurt consumer spending and economic growth.
Oil prices rise
Oil prices increased as the US vowed to continue military actions against the Houthis, leading to heightened geopolitical tensions. The situation has stirred concerns over global trade disruptions, as well as economic uncertainty stemming from tariffs and slower growth. Sentiments reflect cautious optimism mixed with apprehension.
Brent crude futures were recorded at $71.10/barrel today. Meanwhile, WTI crude oil futures increased by 0.74% d-o-d to $67.68/barrel.
Natural gas prices rise
Natural gas stood at $4.12/metric million British thermal units (MMBtu), up by 0.54% d-o-d.
Dollar index inches up
The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 103.41, up by 0.04% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.84 against the dollar.
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