- Inventories at LME warehouses decrease d-o-d
- Japan’s capex up but manufacturer’s profits slump
Base metals prices on the London Metal Exchange (LME) saw positive trends d-o-d, with nickel increasing by 1.04% to $15,421/tonne (t). Meanwhile, inventories at LME-registered warehouses saw negative trends d-o-d, with zinc recording the highest decline of 2.59%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 796,000/t ex-Delhi, up by INR 2,000/t d-o-d. Aluminium Tense scrap prices remained flat d-o-d, with ex-Delhi at INR 196,000/t and ex-Chennai at INR 199,000/t.
Other market updates
Japan’s capex rises but manufacturers’ profits fall on US tariffs
Japan’s capital expenditure grew 7.6% y-o-y in April-June, but manufacturers’ profits plunged 11.5%, led by the impact of US tariffs on automakers. Economists warn GDP growth could be revised down, with weaker exports and consumer spending likely to pressure Japan’s economy in the coming quarter.
US court rules most Trump tariffs illegal, case heads to Supreme Court
A federal appeals court ruled that most of President Trump’s global tariffs were illegal, saying he exceeded his authority by using emergency powers. While the tariffs remain in effect pending further adjudication, the decision reaffirms an earlier trade court ruling and is expected to move to the US Supreme Court. Meanwhile, countries such as Brazil, Mexico, and India are preparing retaliatory measures, escalating trade tensions worldwide.
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