- China factory growth slows down
- US manufacturing expands in Jan’25
Base metals prices on the London Metal Exchange (LME) showed positive trends, with zinc recording the highest gain of 2.08% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed a downward trend d-o-d.
COMEX market update
Copper prices on the COMEX market stood at $9,497/tonne (t), up 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 750,000/t ex-Delhi. Aluminium Tense scrap prices dropped d-o-d, with ex-Delhi at INR 174,000/t and ex-Chennai at INR 175,000/t.
Global updates
US manufacturing rebounds but faces tariff risks
US manufacturing expanded in January for the first time since 2022, with increased new orders and factory employment. However, tariffs imposed by President Trump on key trade partners threaten to derail the recovery. Raw material prices have risen for four consecutive months, and supply chain issues persist. Despite growth, economists warn that higher tariffs could hurt inflation, GDP, and manufacturing competitiveness.
China’s factory growth slows amid tariff uncertainty
China’s manufacturing growth slowed in January as US tariff threats increased uncertainty. The Caixin PMI fell to 50.1, missing forecasts. While domestic demand improved, export orders declined for the second month, and factories cut prices due to rising competition. Employment fell at its fastest pace since 2020, with economists warning of challenges ahead for China’s export-driven economy.
Oil prices fall
Brent crude futures were recorded at $75.09/barrel today. Meanwhile, WTI crude oil futures decreased slightly by 1.79% d-o-d to $71.85/barrel.
Natural gas prices drop
Natural gas stood at $3.28/metric million British thermal unit (MMBtu), down by 2.09% 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 108.80, up by 0.07% d-o-d at the time of reporting. The Indian rupee was recorded at INR 87.10 against the dollar.
Leave a Reply