- Japan’s export growth threatened by US tariffs
- China’s copper imports from DRC rise 71%
Base metals prices on the London Metal Exchange (LME) showed positive trends, except nickel 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 787,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 177,000/t and ex-Chennai at INR 178,000/t.
Global updates
Japan’s export growth faces threat from US tariffs
Japan’s exports rose 7.2% in January, driven by auto shipments to the US However, President Trump’s threat to impose 25% tariffs on cars could hurt Japan’s economy, which relies heavily on auto exports. Japan’s GDP could fall by 0.2% over two years if tariffs are enacted, with Japan’s trade surplus under scrutiny.
China’s copper imports from Congo surge
China’s copper imports from the Democratic Republic of Congo (DRC) soared 71% to 1.48 mnt in 2024, making it the largest supplier of refined copper. This surge highlights China’s mining investments in the region but raises questions about whether the increase reflects demand or supply dynamics, impacting global market forecasts.
Oil prices rise
Brent crude futures were recorded at $76.07/barrel today. Meanwhile, WTI crude oil futures increased by 0.33% d-o-d to $72.09/barrel.
Natural gas prices fall
Natural gas stood at $4.006/metric million British thermal unit (MMBtu), down by 0.02% 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 106.78, down by 0.16% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.76 against the dollar.
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