Base metals prices on the London Metal Exchange (LME) showed mixed trends, with zinc gaining the highest by 0.61% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed mixed movements, with copper stocks increasing by 0.75% d-o-d.
COMEX market update
Copper prices on the COMEX market increased by 1%to $9,307/tonne (t) compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 744,000/t ex-Delhi. Aluminium tense scrap prices remained stable d-o-d, with ex-Delhi at INR 173,000/t and ex-Chennai at INR 174,000/t.
Global updates
China lifting hybrid exports to EU to avoid EV tariffs
Chinese automakers are increasing hybrid vehicle exports to Europe, bypassing EU tariffs on battery-powered electric vehicles. With hybrid cars exempt from the new 45.3% tariff on EVs, companies like BYD are expanding their presence. Analysts predict a 20% rise in China’s hybrid exports to Europe this year, as manufacturers adjust to the region’s trade protection measures.
Japan’s wages hit 32-yr high, boosting BOJ rate hike chances
Japan’s base salary rose 2.7% in October, marking the fastest growth in 32 years. This surge supports the possibility of a Bank of Japan rate hike in December. Despite inflation easing to 2.6%, real wages remained stable, providing key data for the BOJ’s upcoming rate review, as market speculation grows regarding a potential interest rate increase.
India’s steel imports from China surge to record high
India’s steel imports from China reached a record 1.7 mnt during April-October, a 35.4% increase y-o-y. This surge has worsened the financial struggles of Indian steel producers, facing cheap imports and falling prices. Overall finished steel imports rose to a seven-year high, prompting India’s steel ministry to seek a safeguard duty on Chinese imports.
Oil prices
Brent crude futures were recorded at $72.09/barrel today. Meanwhile, WTI crude oil futures increased slightly by 0.09% d-o-d to $68.36/barrel.
Natural gas prices drop
Natural gas stood at $3.06/metric million British thermal unit (MMBtu), down by 0.45% d-o-d.
Dollar index up
The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 105.78, up by 0.09% d-o-d. The Indian rupee was recorded at INR 84.64 against the dollar.
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