Base metals prices on LME show mixed trends, stocks see negative movements

• Indonesia sees budget deficit of 2.29% of GDP in 2024
  
  
• Vietnam's GDP growth increases to 7.09% in 2024
  
  

Base metals prices on the London Metal Exchange (LME) showed mixed trends, with aluminium recording the highest drop of 1.42% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed outflows, except for nickel stocks, which increased by 0.96% d-o-d.

COMEX market update

Copper prices on the COMEX market inched up by 1% to $8,919/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 743,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 174,000/t and ex-Chennai at INR 175,000/t.

Global updates

Indonesia's 2024 budget deficit smaller than expected

Indonesia's 2024 budget deficit was 2.29% of GDP, totalling IDR 507.8 trillion ($31.38 billion), better than the initial estimate of 2.7%. This marks an increase from the deficit of 1.61% recorded in 2023. The lower deficit was influenced by improved tax revenue in Q4. With excess cash from higher debt issuance, the government aims for stable fiscal management, especially under the new leadership.

Japan's service sector expands m-o-m on strong demand

Japan's service activity grew for the second consecutive month in December, with the purchasing managers' index (PMI) rising to 50.9 from 50.5 in November. This growth was driven by robust demand, strong business expansion, and increasing new customer acquisitions. Employment rose for the 15th consecutive month, although at a slower pace. Inflation remained steady due to higher labour and raw material costs, which businesses passed on to clients.

Vietnam's GDP growth accelerates in 2024

Vietnam's economy expanded by 7.09% in 2024, surpassing the 5.05% growth in 2023, according to government data. Q4 growth touched 7.55%, driven by robust industrial production and exports. The General Statistics Office emphasised a significant recovery in economic momentum, reflecting Vietnam's resilience amid global challenges.

Oil prices edge up

Brent crude futures were recorded at $76.23/barrel today. Meanwhile, WTI crude oil futures increased slightly by 0.39% d-o-d to $73.69/barrel.

Natural gas prices rise

Natural gas stood at $3.57/metric million British thermal unit (MMBtu), up by 6.67% d-o-d.

Dollar index inches down

The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 108.75, down by 0.22% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.75 against the dollar.