Base metals prices on the London Metal Exchange (LME) declined d-o-d, with zinc decreasing by 2.07% to $2,620/tonne (t). Meanwhile, inventories at LME-registered warehouses dropped d-o-d, with copper recording the steepest fall of 1.64%.
COMEX market
Copper prices on the COMEX stood at $10,689/t, up by 4.7% 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
India’s manufacturing growth eases, jobs hit record high
India’s manufacturing growth slowed to a 3-month low in May, with the HSBC purchasing managers’ index (PMI) slipping to 57.6 amid price pressures and global tensions. Output and new orders eased, but demand remained firm. A key highlight was record job creation, with permanent hires surging. Rising input costs pushed output prices to an 11-year high, complicating monetary policy ahead.
Oil prices up d-o-d
Brent crude futures were recorded at $64.26/barrel today. Meanwhile, WTI crude oil futures increased by 2.80% d-o-d to $62.49/barrel.
Natural gas prices up
Natural gas stood at $3.53/metric million British thermal unit (MMBtu), up by 2.49% 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 99.12, down by 0.15% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.41 against the dollar.
Leave a Reply