Base metals prices on LME show divergent trends; stocks see negative movements

Base metals prices on the London Metal Exchange (LME) threw up mixed trends, with copper witnessing the highest increase of 1.32%. Meanwhile, stocks at LME-registered warehouses showed negative movements with copper declining 0.91%.

COMEX market update

Copper prices on the COMEX market increased by 1% settling at $9,728/tonne (t) compared to the previous close.

Indian market overview

In India's non-ferrous metals markets, BigMint assesses domestic copper armature scrap at INR 758,000/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

Weaker dollar lifts copper prices

Copper prices surged to a two-week high, driven by a weaker dollar amid expectations of US interest rate cuts. The decline in the dollar makes metals more affordable for global buyers, stimulating demand. Positive manufacturing data from China and hopes for fiscal stimulus also supported copper, although a drop in the Yangshan premium raised concerns about import appetite.

BIR Autumn 2024: Growing scrapyard supply challenges

Global investments in recycled-content metals, particularly aluminum and copper, signal rising competition for scrap. Industry experts at the BIR meeting in Singapore warned of a tightening supply by 2030, with new capacity investments in Asia and the US. While scrap availability may shrink, some regions are innovating to keep supplies local. Cross-border trade faces increasing hurdles.

UAE non-oil sector grows despite slow demand

The UAE's non-oil private sector showed growth in October, with the S&P Global PMI rising to 54.1 from September's 53.8. Output surged, yet demand softened to a 20-month low. Dubai's growth slowed, with its PMI at 53.2. Although new orders fell, backlogs and contracts may sustain future growth, and business confidence improved.

Oil prices gain

Oil prices rose sharply, with Brent crude futures were recorded at $75.12/barrel. Meanwhile, WTI crude oil futures edged up by 1.01% d-o-d to $71.48/barrel.

Natural gas prices inch up

Natural gas prices stood at $2.79/metric million British thermal unit (MMBtu), up by 0.50% 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 103.82, up by 0.03% d-o-d. The Indian rupee was recorded at INR 84.11 against the dollar.