Base metals prices gain on LME; stocks see outflows
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- India's car sales surge 32.4% in Oct'24 on festive boost
- Muted manufacturing activity expected in Japan in Nov'24
Base metals prices on the London Metal Exchange (LME) threw up positive trends, with zinc witnessing the highest increase of 2.24%. Meanwhile, stocks at LME-registered warehouses showed negative movements, with zinc declining 0.61%.
COMEX market update
Copper prices on the COMEX market increased by 1% to $9,825/tonne (t) compared to the previous close.
Indian market overview
In India's non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 770,000/t ex-Delhi. Aluminium tense scrap remained stable, with ex-Delhi prices at INR 172,000/t and ex-Chennai at INR 173,000/t.
Global updates
Japanese manufacturers' confidence drops in Nov'24
Confidence among Japan's manufacturers dropped in November, affected by China's economic slowdown and persistent inflation concerns. The service sector also experienced weaker sentiment, the lowest since February 2023, due to rising costs, labour shortages, and currency volatility. While sentiment remains subdued, a slight improvement is expected over the next few months.
India's car sales surge in Oct'24
India's retail car sales jumped 32.4% in October, driven by festive demand, according to the Federation of Automobile Dealers Association (FADA). Sales rose to 483,159 units, but inventory levels remain high, with cars staying an average 75-80 days in showrooms. Discounts may continue, as unsold stock, especially small cars, lingers.
Sumitomo, Inomin partner for Beaver-Lynx nickel project
Inomin Mines has signed a term sheet with Sumitomo Metal Mining Canada for a joint venture to advance the Beaver-Lynx nickel project in British Columbia, Canada. Sumitomo can now acquire up to 80% interest in the project by investing CAD 8 million in exploration. This collaboration is expected to drive increased production through enhanced exploration and development efforts, benefitting both partners.
Oil prices drop
US crude prices dropped over 1% on Wednesday, as the dollar strengthened amid market uncertainty surrounding the US presidential election. US crude stocks rose more than expected, adding to the downward pressure. The stronger dollar and weakening demand signals further weighed on market sentiment.
Brent crude futures were recorded at $74.52/barrel. Meanwhile, WTI crude oil futures edged down by 1.31% d-o-d to $71.05/barrel.
Natural gas prices inch up
Natural gas prices stood at $2.68/metric million British thermal unit (MMBtu), up by 0.49% d-o-d.
Dollar index edges up
The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 104.77, up by 1.40% d-o-d. The Indian rupee was recorded at INR 84.18 against the dollar.