- Japan factory output falls 1.1% in March
- Auto output slumps amid US tariff pressure
Base metals prices on the London Metal Exchange (LME) were rangebound d-o-d, with aluminuim experiencing the highest gain of 1.27%. Meanwhile, inventories at LME-registered warehouses saw a slight downtrend, with lead recording a drop of 1.38% d-o-d.
COMEX market
Copper prices on the COMEX stood at $10,597/tonne (t), decreased by 1% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 790,000/t ex-Delhi. Aluminium Tense scrap prices increased by INR 1,000/t d-o-d, with ex-Delhi at INR 192,000/t and ex-Chennai at INR 193,000/t.
Key updates
Japan factory output falls as US tariffs bite
Japan’s factory output dropped 1.1% in March, exceeding forecasts, as Trump’s steep US tariffs disrupted motor vehicle exports and supply chains. Auto production slumped 5.9%, with small vehicle output plunging over 23%. As Japan braces for further negotiations, concerns grow over a broader global slowdown. Komatsu expects a $650 million profit hit from the tariffs and a strong JPY.
China factory activity slumps amid tariff shock
China’s factory activity fell to a 16-month low in April, with the PMI dropping to 49 as US tariffs under Trump’s “Liberation Day” package hit exports. Weak domestic demand and global uncertainty intensify pressure on Beijing to boost stimulus. Analysts expect further fiscal and monetary measures, as China navigates deflation and waning external demand.
Oil prices down d-o-d
Oil prices dipped as investor sentiment turned bearish amid escalating trade tensions and weak economic signals. China’s factory slowdown and falling US consumer confidence added to recession fears. Market participants remain cautious ahead of the OPEC+ meeting, with concerns that earlier economic strength was driven by temporary pre-tariff stockpiling.
Brent crude futures were recorded at $63.59/barrel today. Meanwhile, WTI crude oil futures decreased by 1.21% d-o-d to $59.69/barrel.
Natural gas prices up
Natural gas stood at $3.37/metric million British thermal unit (MMBtu), down by 0.41% 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 99.020, down by 0.01% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.01 d-o-d against the dollar.
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