- China’s copper imports touch 13-month high in Dec’24
- China’s exports rise 10.7%, imports up 1% y-o-y in Dec
Base metals prices on the London Metal Exchange (LME) showed positive trends, with lead recording the highest gain of 2.49% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed mixed movements, with zinc decreasing by 1.30% d-o-d.
COMEX market update
Copper prices on the COMEX market stood at $9,420/tonne (t), stable 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 remained stable d-o-d, with ex-Delhi at INR 174,000/t and ex-Chennai at INR 175,000/t.
Global updates
China’s copper imports reach 13-month high in Dec’24
China’s imports of unwrought copper surged by 17.8% y-o-y in December 2024, hitting a 13-month high of 559,000 t. The rise was partly due to sellers meeting annual contract obligations. Total copper imports for 2024 touched 5.68 mnt, up 3.27% from the previous year. Despite copper price declines, imports of copper concentrate also increased in December.
Codelco’s copper output soars 17% y-o-y in Nov’24
Codelco, the world’s largest copper producer, saw its output rise 16.9% y-o-y in November 2024 to 133,600 t, according to Cochilco data. This contributed to a 10% increase in Chile’s overall copper production. BHP’s Escondida mine also reported a 27.6% production boost, while Collahuasi saw a decline of 23.5%. Codelco’s recovery follows a challenging 2023.
China’s exports surge in Dec’24, imports grow 1%
China’s exports rose 10.7% y-o-y in December, outpacing expectations, while imports grew 1.0% y-o-y. This boost is attributed to frontloading ahead of the Lunar New Year and concerns over potential US tariffs. Despite mounting trade risks, including disputes with the EU, China’s trade surplus reached $104.8 billion, signalling economic resilience amid ongoing challenges.
Oil prices edge up as winter cold boosts fuel demand
Severe winter conditions across parts of the US and Europe significantly boosted fuel demand, leading to an increase in international crude oil prices. The cold weather prompted higher consumption, especially in heating fuels, which sparked market optimism despite broader economic concerns.
Brent crude futures were recorded at $81.12/barrel today. Meanwhile, WTI crude oil futures increased slightly by 1.91% d-o-d to $78.03/barrel.
Natural gas prices rise
Natural gas stood at $4.18/metric million British thermal unit (MMBtu), up by 4.99% 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 109.71, up by 0.20% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.75 against the dollar.
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