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Base metals prices on LME exhibit positive trends; stocks witness outflows

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Aluminium
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23 Oct 2024, 12:24 IST
Base metals prices on LME exhibit positive trends; stocks witness outflows

  • IMF reduces Japan's 2024 growth forecast to 0.3%

  • Grupo Mexico's profit surges on rising copper tags

Base metals prices on the London Metal Exchange (LME) largely trended upward, except for nickel, which declined by 2.33%. Meanwhile, metal stocks at LME-registered warehouses showed negative movements, except for nickel, which increased by 0.41%.

COMEX market update

Copper prices on the COMEX market increased by 1%, settling at $9,629/tonne (t) compared to the previous close.

Indian market overview

In India's non-ferrous markets, BigMint assessed domestic copper armature scrap at INR 760,000/t ex-Delhi. Aluminium tense scrap remained stable, with ex-Delhi-NCR prices at INR 172,000/t and ex-Chennai at INR 173,000/t.

Global updates

IMF lowers Japan's 2024 growth forecast, predicts rebound in 2025

The International Monetary Fund (IMF) has reduced Japan's 2024 growth forecast to 0.3%, down from 1.7% in 2023, citing supply chain issues and declining tourism. However, it expects a recovery to 1.1% growth in 2025, driven by rising real wages and strong consumer spending. The IMF also expects the Bank of Japan to gradually raise interest rates.

Grupo Mexico reports strong Q3 profit amid rising copper prices

Grupo Mexico's net profit surged 17.55% to $820.1 million in Q3, driven by a 10.6% increase in copper production, totalling 280,897 t. Revenue rose 13.13% to $4.13 billion, bolstered by an 8% rise in copper prices.

Saudi Arabia's economic growth to surge in 2025

Saudi Arabia's economy is expected to accelerate by 4.4% in 2025, driven by increased oil output following OPEC+ production hikes, according to a Reuters poll. This follows two years of slower growth. The broader GCC region is also projected to grow, with the UAE set to be the fastest at 4.9%, supported by the expansion of non-oil sectors.

Oil prices decline

US oil inventories rose more than expected, signalling a potential slowdown in fuel demand. Meanwhile, diplomatic efforts to ease tensions in the Middle East continued, with US officials pushing for de-escalation and more humanitarian aid in Gaza. Concerns over slowing demand in China remain a key focus for global markets.

Brent crude oil futures were recorded at $75.83/barrel. Meanwhile, West Texas Intermediate (WTI) crude oil futures edged down by 0.29% to $71.53/barrel.

Natural gas prices inch down

Natural gas prices stood at $2.29/metric million British thermal unit (MMBtu), down by 0.74%.

Dollar index inches up

The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 104.00, up by 0.09. The Indian rupee was recorded at INR 84.07 against the dollar.

23 Oct 2024, 12:24 IST

 

 

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