- Copper prices on COMEX rise by 2% d-o-d
- US manufacturing output increases in Feb
Base metals prices on the London Metal Exchange (LME) remained range-bound, with zinc recording the highest decline of 1.32% d-o-d. Additionally, inventories at LME-registered warehouses showed divergent trends, with lead increasing by 4.21% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $11,292/tonne (t), up by 2% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 815,000/t ex-Delhi. Aluminium Tense scrap prices increased by INR 1,000/t d-o-d, with ex-Delhi and ex-Chennai at INR 186,000/t.
Key updates
US manufacturing output rises in Feb’25
US manufacturing output increased in February, led by a significant rise in motor vehicle production. Despite this, the Trump administration’s tariffs continue to affect the sector’s long-term recovery. Factory output grew compared to the previous year, and industrial production also saw a rise, while utility production decreased due to warmer weather.
Japan manufacturers’ sentiment declines in Mar’25
Japanese manufacturers’ business sentiment turned negative in March, dropping to -1 from +3 in February, due to concerns over US tariffs and a sluggish Chinese economy. The non-manufacturers’ index also fell, signalling caution amid uncertain global demand and shifting trade patterns, particularly from China.
Oil prices rise
Brent crude futures were recorded at $71.10/barrel today. Meanwhile, WTI crude oil futures increased by 0.46% d-o-d to $67.47/barrel.
Natural gas prices fall
Natural gas stood at $4.19/metric million British thermal unit (MMBtu), down by 1.27% 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 103.12, up by 0.03% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.31 against the dollar.
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