- Japan factory output dips, services see rebound
- Dollar index rises 0.28%, rupee weakens to INR 85.45
Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with copper experiencing the highest drop of 1.97%. Meanwhile, inventories at LME-registered warehouses saw negative trends, with zinc recording a drop of 1.6% d-o-d.
COMEX market
Copper prices on the COMEX stood at $10,769/tonne (t), up by 3.4% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 792,000/t ex-Delhi. Aluminium Tense scrap prices increased by INR 1,000/t d-o-d, with ex-Delhi at INR 187,000/t and ex-Chennai at INR 188,000/t.
Key updates
Japan’s factory activity shrinks, services shine
Japan’s factory activity shrank for the 10th straight month in April, hit by US tariff concerns and weak confidence. The manufacturing PMI stood at 48.5, still in contraction. However, service sector activity rebounded, lifting the composite PMI to 51.1. Rising input costs and inflation added pressure, but strong customer demand supported the recovery.
South Korea pushes for swift auto tariff resolution
South Korea seeks a quick resolution to steep US auto tariffs during trade talks in Washington. Industry Minister Ahn Duk-geun emphasized urgency, especially as exports to the US have declined. Seoul is also bracing for potential discussions on defence costs, aiming to safeguard its vital auto sector, which relies heavily on the US market.
Oil prices up d-o-d
Brent crude futures were recorded at $68.04/barrel today. Meanwhile, WTI crude oil futures increased by 0.94% d-o-d to $64.27/barrel.
Oil market sentiment turned bullish amid fresh US sanctions on Iran, a sharp drop in American crude inventories, and easing trade tensions. Hopes for a softer Fed stance and improved US-China relations further lifted investor confidence.
Natural gas prices rise
Natural gas stood at $3.01/metric million British thermal unit (MMBtu), up by 0.40% 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 98.97, up by 0.28% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.45 d-o-d against the dollar.
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