LME base metals prices remain rangebound

• INR at INR 83.83 against US dollar
• India’s manufacturing PMI rises to 10-month high

Base metals prices on the London Metal Exchange (LME) remained rangebound d-o-d, with nickel experiencing the highest drop of 1.08%. Meanwhile, inventories at LME-registered warehouses also saw a slight downtrend, with zinc recording a drop of 1.28% d-o-d.

COMEX market

Copper prices on the COMEX stood at $10,123/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 780,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 192,500/t and ex-Chennai at INR 193,500/t.

Market updates

South Korea factory activity hits 31-month low

South Korea’s manufacturing sector contracted sharply in April, with the PMI dropping to 47.5, its weakest in over two years, amid slumping demand and US tariff impacts. Export orders saw their steepest fall in 22 months, and business sentiment turned its most pessimistic since the pandemic, despite resilient semiconductor-driven trade data.

India’s manufacturing PMI hits 10-month high in April

India’s manufacturing sector expanded at its fastest pace in 10 months, with April’s PMI rising to 58.2. Strong export demand, robust output, and rising new orders fuelled growth. Export orders saw near-record highs, while selling prices rose sharply, suggesting firms are confidently passing on costs amid sustained demand and business optimism.

Oil prices down d-o-d

Brent crude futures were recorded at $60.75/barrel today. Meanwhile, WTI crude oil futures decreased by 0.67% d-o-d to $57.82/barrel.

Natural gas prices up

Natural gas stood at $3.38/metric million British thermal unit (MMBtu), up by 1.80% 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 99.68, down by 0.37% d-o-d at the time of reporting. The Indian rupee was recorded at INR 83.83 d-o-d against the dollar.