- INR at INR 84.27 against the dollar
- Global manufacturing PMI drops to 49.8
Base metals prices on the London Metal Exchange (LME) saw an upward trend d-o-d, with copper experiencing the highest gain of 1.73%. Meanwhile, inventories at LME-registered warehouses saw a slight downtrend, with nickel recording a drop of 0.75% d-o-d.
COMEX market
Copper prices on the COMEX stood at $10,315/tonne (t), an increase of 1% compared to the previous close.
Indian market overview
In India’s non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 790,000/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
Global manufacturing contracts amid trade tensions
Global manufacturing activity contracted in April for the first time in 2025, with the Global Manufacturing Index falling to 49.8. This decline is attributed to shrinking orders and employment, exacerbated by ongoing trade tensions and tariffs. The future output index reached its lowest level since October 2022, reflecting diminished business confidence.
Oil prices down d-o-d
Markets reacted cautiously after a major producer group announced plans to boost output, raising concerns of oversupply amid weak global demand. Asian equities dipped in thin holiday trading, while currency markets saw the dollar ease slightly. US stocks extended gains on strong jobs data, though broader economic uncertainty continues to weigh.
Brent crude futures were recorded at $59.16/barrel today. Meanwhile, WTI crude oil futures decreased by 3.79% d-o-d to $56.08/barrel.
Natural gas prices up
Natural gas stood at $3.68/metric million British thermal unit (MMBtu), up by 1.46% 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 99.47, down by 0.39% d-o-d at the time of reporting. The Indian rupee was recorded at INR 84.27 d-o-d against the dollar.
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