Base metals prices on LME majorly gain; lead down amid stock inflow
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Base metals prices on the London Metal Exchange (LME) depict positive trends barring lead as of the last closing. Meanwhile, stocks at LME registered warehouses witnessed varied trends with lead stocks witnessing the highest inflows.
Three-month aluminium futures dipped 1.7% to $2,228/tonne (t), nickel prices were at $17,896/t (up 1.6%), copper prices settled at $8,493/t (down 0.5%), zinc edged up by 0.5% to $2,426/t, and lead prices fell by 1.1% to $2,059/t.
Meanwhile, lead prices saw a drop in prices amid a 6.6% inflow in stocks to 181,225 t from 169,875 t.
COMEX market
Copper prices on the Commodity Exchange (COMEX) remained largely stable at $8,447/t compared to the previous closing.
India's non-ferrous market
Aluminium
India's aluminum scrap market saw stability except for Tense scrap, climbing to INR 174,000/t ex-Delhi. Tight supply and increased imported Tense prices from the USA and Middle East lifted domestic prices, prompting sellers to offer premiums to semi-finished manufacturers.
Copper
Yesterday, domestic copper prices edged up by up to 0.3%. Armature scrap reached INR 687,000/t, and secondary rods were at INR 724,000/t, both ex-Delhi. Demand stayed upbeat, with copper armature trading at INR 687,000/t ex Bhiwadi and INR 683,000/t ex Ahmedabad.
Global updates
India's Manufacturing Sector Thrives in February
India's manufacturing sector saw robust growth in February, driven by global demand and lower inflationary pressures. The final India Manufacturing PMI rose to 56.9, the fastest pace in five months, with output and new orders reaching five-month highs.
China's February Manufacturing PMI Contracts Again
China's manufacturing PMI fell to 49.1 in February, marking five consecutive months of contraction, prompting calls for increased stimulus. While official data reflects weak growth, a Caixin survey shows steady expansion, underscoring an uneven economic recovery.
Asian Manufacturing PMI Encounter Challenges in February
In February, Asia's major manufacturing economies faced challenges, with Japan experiencing a steep decline in demand and China showing mixed signals. Japan's PMI fell sharply, reflecting ongoing weakness, while China's recovery remained uncertain despite slight improvements. However, South Korea saw export growth, and India's manufacturing PMI indicated accelerated demand and lower inflation.
Supreme Court Denies Vedanta's Plea for Thoothukudi Copper Plant Resumption
The Supreme Court rejected Vedanta Ltd.'s plea to resume operations at its copper plant in Thoothukudi, Tamil Nadu. The decision followed an evaluation of the high court's ruling, which the Supreme Court deemed free from significant errors warranting interference.
Oil prices up
Today, oil prices inched up, poised to finish the week slightly higher, awaiting an OPEC+ decision on second-quarter supply agreements amidst varying demand signals from key consumers, the U.S. and China.
Brent oil futures gained slightly by 0.40% to $82.24 per barrel. Crude oil WTI futures rose marginally by 0.36% to $78.53 per barrel at the time of reporting.
Natural gas prices gain
Prices of natural gas were recorded at $1.867/MMBtu, up by 0.38%.
Dollar index
Today, the dollar index remained largely steady post a volatile session post the inflation report. January saw U.S. prices rise as expected, while yearly inflation dropped to a three-year low.
The dollar index, which gauges value of the greenback in a basket of six different currencies, hovered at 104.12, slightly down by 0.03%.
The rupee was recorded at INR 82.86 against the USD, appreciating marginally against the previous closing.
