Base metals prices on LME exhibit positive trends; stocks witness negative movements

Base metals prices on the London Metal Exchange (LME) exhibited mostly positive trends, with zinc witnessing the highest increase of 2.19%. Meanwhile, metal stocks at LME-registered warehouses showed negative movements, except copper, which increased by 1.53%.

COMEX market update

Copper prices on the COMEX market increased by 1%, settling at $9,710/tonne (t) compared to the previous close.

Indian market overview

BigMint's assessments shows talk originating from the US was assessed at $5,150/t, while talk from the Middle East was priced at $4,860/t, both down by nearly 1.8% w-o-w CFR west coast, India. Offers from Columbia were heard at 52.75% of LME, CFR Chennai.

In India's non-ferrous markets, BigMint assessed domestic copper armature scrap was at INR 750,000/t ex-Delhi. Aluminium tense scrap remained stable, with ex-Delhi-NCR prices at INR 173,500/t and ex-Chennai at INR 174,500/t.

Global updates

Japan's inflation, export trends

Japan's inflation is expected to ease in September, with projections showing a drop to 2.8% from 3.2% in August. Meanwhile, export growth is anticipated to slow due to weak global demand, particularly for machinery and cars. Analysts predict these factors could influence the Bank of Japan's monetary policy moving forward.

UK economy grows 0.2% in August

Britain's economy grew by 0.2% in August, ending two months of stagnation, according to the Office for National Statistics. Y-o-y growth was 1.0%, below the 1.4% forecast. The Bank of England predicts slower growth for the third quarter at 0.4% and 0.2% in the final quarter, reflecting the economy's underlying trends.

Indian auto sector sees $1.9 billion investment

In Q3CY'24, India's automotive sector attracted $1.9 billion in investments, according to Grant Thornton. This influx highlights strong confidence in the industry, driven by growing demand and innovation in electric vehicles. The investment is expected to bolster production capabilities and enhance the sector's competitiveness on a global scale.

Oil prices edge down

Brent crude oil futures were recorded at $78.41/barrel. Meanwhile, West Texas Intermediate (WTI) crude oil futures edged down by 1.21% to $74.9/barrel.

Natural gas prices inch up

Natural gas prices were recorded at $2.68/metric million British thermal unit (MMBtu), down by 0.45%.

Dollar index edges down

The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 102.68, slightly down by 0.01%. The Indian rupee was recorded at INR 84.04 against the dollar.