- Domestic copper scrap prices inch up d-o-d
- Japan’s services growth slows down in Aug
Base metals prices on the London Metal Exchange (LME) saw mixed trends d-o-d, with nickel decreasing by 1.34% to $15,232/tonne (t). Meanwhile, inventories at LME-registered warehouses saw negative trends d-o-d, with lead recording the highest decline of 0.59%.
Domestic market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 801,000/t ex-Delhi, up by INR 1,000/t d-o-d. Aluminium Tense scrap prices remained flat d-o-d, with ex-Delhi at INR 196,000/t and ex-Chennai at INR 199,000/t.
Other market updates
China’s services activity hits 15-month high
China’s services sector grew at its fastest pace in 15 months in August, supported by stronger domestic demand and a rebound in overseas orders, a private PMI survey showed. The RatingDog General Services PMI rose to 53.0, its highest since May 2024. While new business and exports improved, service providers faced rising costs and cut staff to manage expenses. Despite these challenges, overall business confidence strengthened as services continued to outshine the weaker manufacturing sector.
Japan’s service sector growth moderates in Aug
Japan’s services sector expanded in August but at a slower pace, with the PMI easing to 53.1 from 53.6. Strong domestic demand supported growth, though foreign orders fell sharply, staffing declined for the first time in nearly two years, and rising input costs squeezed margins. Overall, business confidence remained positive despite challenges.
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