Base metals prices on LME show mixed trends; stocks witness negative movements
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Base metals prices on the London Metal Exchange (LME) threw up mixed trends, except lead which witnessed the highest increase of 0.99%. Meanwhile, stocks at LME-registered warehouses showed negative movements with lead declining 0.52%.
COMEX market update
Copper prices on the COMEX market decreased by 5% settling at $9,309/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 766,000/t ex-Delhi. Aluminium tense scrap prices remained stable, with ex-Delhi assessed at INR 171,000/t and ex-Chennai at INR 172,000/t.
Global updates
China's exports surge ahead of tariff threat
China's exports grew 12.7% in October, the fastest pace since 2022, as factories rushed to ship goods ahead of potential US tariffs. The surge reflects fears of a trade war with the US and EU, though imports fell highlighting ongoing weak domestic demand and broader economic challenges.
Philippines' GDP growth slows to 5.2% in Q3
The Philippines' economy grew 5.2% y-o-y in Q3 2024, slower than the 5.7% forecast, as bad weather hindered government spending and agricultural output. Despite this slowdown, the government remains optimistic about meeting its 2024 growth target of 6-7%, citing improved sentiment and central bank policies boosting spending.
China to boost domestic mineral exploration
China's Ministry of Industry and Information Technology plans to intensify domestic exploration of lithium, cobalt, and nickel to support the energy storage sector. The initiative aims to enhance resource security and foster the growth of the new energy storage manufacturing industry, targeting the creation of major firms by 2027, boosting production capabilities.
Oil prices gain
Oil prices rise as investors react to US election results, with supply concerns from the Middle East and a hurricane in the Gulf Coast outweighing a stronger US dollar and rising inventories. The market remains cautious, with near-term uncertainty tied to potential disruptions and OPEC's plans to increase supply in January.
Oil prices rose sharply, with Brent crude futures were recorded at $75.17/barrel. Meanwhile, WTI crude oil futures edged up by 0.20% d-o-d to $71.83/barrel.
Natural gas prices stable
Natural gas prices stood at $2.74/metric million British thermal unit (MMBtu), remained steady d-o-d.
Dollar index edges down
The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 104.75, down by 0.28% d-o-d. The Indian rupee was recorded at INR 84.35 against the dollar.