- India’s industrial output growth slows
- China tightens copper smelter regulations
Base metals prices on the London Metal Exchange (LME) showed mixed trends, with zinc recording the highest decline of 1.45% d-o-d. Meanwhile, inventories at LME-registered warehouses also witnessed mixed movements, with aluminium up by 1.32% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $10,385/tonne (t), increased by 3% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 780,000/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
India’s industrial output slows in December
India’s industrial output grew 3.2% y-o-y in December 2024, the weakest in four months, missing the 3.9% forecast. Manufacturing rose by 3%, electricity output increased 6.2%, and mining expanded 2.6%. For April-December, industrial growth slowed to 4% from 6.3% y-o-y a year earlier, reflecting weaker demand and economic uncertainties that impacted overall production momentum.
China tightens copper smelter regulations
China has implemented stricter requirements for building new copper smelters, demanding companies control sufficient mine supply through ownership or equity stakes. This move, part of the 2025-2027 copper industry plan, could limit expansion to a few major companies. The change may slow down copper production growth, impacting global supply and investment in the sector.
Oil prices fall
Brent crude futures were recorded at $74.42/barrel today. Meanwhile, WTI crude oil futures decreased by 1.02% d-o-d to $70.64/barrel.
Natural gas prices rise
Natural gas stood at $3.68/metric million British thermal unit (MMBtu), up by 3.23% 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 107.45, down by 0.35% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.87 against the dollar.
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