- Japan’s car exports to US rise 12%
- Indian rupee records ₹85.34 against dollar
Base metals prices on the London Metal Exchange (LME) remained range-bound d-o-d, with copper dropping by 0.70% to $15,485/tonne (t). Meanwhile, inventories at LME-registered warehouses remained stable d-o-d, with nickel recording the steepest fall of 1.13%.
COMEX market
Copper prices on the COMEX stood at $10,520/t, decreasing by 3.1% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 788,000/t ex-Delhi. Aluminium Tense scrap prices remained steady d-o-d, with ex-Delhi at INR 196,000/t and ex-Chennai at INR 197,000/t.
Market updates
Managem boosts Q1 revenue, eyes production surge
Morocco’s Managem saw a 20% rise in Q1 revenue to 2.32 billion dirhams, fuelled by higher metal prices. The mining giant invested 1.5 billion dirhams, mainly in the Tizert copper mine and Boto gold project. Commercial production at both sites is set for H2CY’25, marking a key growth milestone.
US tariffs hit Japan’s auto sector
Japan’s auto parts industry is facing pressure from a 25% US tariff, leading to reduced orders, delivery delays, and concerns of break-even operations. A METI survey of 3,100 firms highlights growing unease. While some firms absorb costs, others fear deeper losses. Still, Japan’s passenger car exports to the US rose 12% y-o-y in April.
Oil prices up d-o-d
Brent crude futures were recorded at $64.88/barrel today. Meanwhile, WTI crude oil futures increased by 0.11% d-o-d to $61.60/barrel.
Natural gas prices drop
Natural gas stood at $3.28/metric million British thermal unit (MMBtu), down by 1.44% 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 98.98, up by 0.13% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.34 against the dollar.
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