- Japan’s factory activity weakens in Mar’25
- South Korean exports face tariff risks
Base metals prices on the London Metal Exchange (LME) showed marginal downtrends, with nickel recording the highest drop of 2.82% d-o-d. Additionally, inventories at LME-registered warehouses also recorded slight outflows, with zinc decreasing by 2.26% d-o-d.
COMEX market update
Copper prices on the COMEX stood at $11,197/tonne (t), remaining stable compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 816,000/t ex-Delhi. Aluminium Tense scrap prices dropped INR 1,000/t d-o-d, with ex-Delhi and ex-Chennai at INR 187,000/t.
Key updates
Japan’s factory activity declines
Japan’s manufacturing activity worsened in March, with the PMI dropping to 48.4, marking the ninth consecutive month of contraction. Weak domestic and international demand, coupled with escalating US tariffs, contributed to the decline. Output and new orders shrank, though employment rose for the first time in three months. Inflationary pressures and uncertainty over the global economy remain key concerns.
China’s factory activity gains on export surge
China’s factory activity grew at its fastest pace in four months in March, with the Caixin PMI rising to 51.2, driven by strong demand and rising export orders. US tariff concerns cloud the outlook, as stockpiling ahead of tariff hikes boosted exports. Despite rising orders, the job market remains sluggish, and deflationary pressures persist, with the trade war threatening future growth.
South Korea’s export growth faces tariff risks
South Korea’s March exports rose 3.1% y-o-y, driven by semiconductor and automobile growth. However, steel exports dropped 10.6%, impacted by US tariffs. Despite this, concerns about rising tariffs, including on autos and chips, threaten further export declines. Economists predict continued pressure as global trade tensions escalate.
Oil prices rise
Brent crude futures were recorded at $74.96/barrel today. Meanwhile, WTI crude oil futures increased by 0.27% d-o-d to $71.67/barrel.
Natural gas prices up
Natural gas stood at $4.14/metric million British thermal unit (MMBtu), up by 0.58% 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 103.91, up by 0.03% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.51 against the dollar.
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