- Freeport to resume copper conc exports from Indonesia
- Singapore’s economy grows 4.4% in CY’24 but faces risks
Base metals prices on the London Metal Exchange (LME) showed mixed trends, with lead recording a decline of 0.71% d-o-d. Meanwhile, inventories at LME-registered warehouses also witnessed mixed movements, with nickel up by 2.90% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $10,558/tonne (t), increasing 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 785,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 176,000/t and ex-Chennai at INR 177,000/t.
Global updates
Freeport to resume copper concentrate exports from Indonesia
Freeport McMoRan is set to resume copper concentrate shipments from Indonesia in February after securing a new export licence. The move follows a fire at its Manyar smelter last October. The resumption of exports will help alleviate storage issues and mitigate copper concentrate shortages, which have impacted smelter profits due to negative treatment charges.
Singapore’s economy shows strong growth but faces risks
Singapore’s economy grew 5.0% in Q4CY’24, surpassing expectations, with full-year growth reaching 4.4%. However, the government maintained a 2025 growth forecast of 1.0% to 3.0%, citing risks from global trade tensions and geopolitical conflicts. The central bank expects slower inflation and growth this year, lowering its core inflation forecast.
New Zealand’s manufacturing grows for 1st time in 2 years
New Zealand’s manufacturing activity expanded for the first time in nearly two years, with the performance of manufacturing index (PMI) rising to 51.4 in January from 46.2 in December. Key sub-indices for production and new orders were also positive, signalling a shift from contraction to growth, marking a strong start to 2025 for the sector.
Oil prices rise
Brent crude futures were recorded at $75.17/barrel today. Meanwhile, WTI crude oil futures increased by 0.13% d-o-d to $71.38/barrel.
Natural gas prices rise
Natural gas stood at $3.70/metric million British thermal unit (MMBtu), up by 2.09% 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 107.00, down by 0.20% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.88 against the dollar.
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