- Japan’s exports rise 7.2% in Jan
- EU seeks fair trade deals with US
Base metals prices on the London Metal Exchange (LME) showed mixed trends, with aluminium recording a drop of 0.91% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed mixed movements, with copper up by 3.86% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $10,050/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 785,000/t ex-Delhi. Aluminium Tense scrap prices inched up by INR 1,000/t d-o-d, with ex-Delhi at INR 177,000/t and ex-Chennai at INR 178,000/t.
Global updates
Japan’s exports increase amid tariff concerns
Japan’s exports rose 7.2% in January, driven by strong US auto demand. However, concerns over US President Trump’s potential 25% auto tariffs weighed on the economy, as Japan’s auto industry faces possible disruptions and economic slowdown.
EU seeks fair trade deals with US
The European Union (EU) expressed interest in making mutually beneficial trade deals with the US, including discussions on reducing tariffs on vehicles and other goods. EU officials, led by Maros Sefcovic, aim to avoid unilateral tariffs and retaliation, seeking a fair trade agreement while addressing the US’s concerns about European taxes and tariffs.
Oil prices drop
Brent crude futures were recorded at $76.00/barrel today. Meanwhile, WTI crude oil futures decreased by 0.42% d-o-d to $71.95/barrel.
Natural gas falls
Natural gas stood at $4.25/metric million British thermal unit (MMBtu), down by 0.65% 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 106.88, down by 0.17% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.70 against the dollar.
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