Base metals prices on LME show mixed trends, stocks witness outflows

• US trade deficit widens by 24.7% m-o-m in Dec
  
  
• Copper prices on COMEX edge up by 3% d-o-d
  
  

Base metals prices on the London Metal Exchange (LME) showed mixed trends, with nickel recording the highest gain of 1.74% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed negative movements, with copper down by 1.29% d-o-d.

COMEX market update

Copper prices on the COMEX stood at $9,876/tonne (t), up by 3% compared to the previous close.

Indian market overview

In India's non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 758,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 175,000/t and ex-Chennai at INR 176,000/t.

Global updates

US trade deficit widens in Dec amid record imports

The US trade deficit surged by 24.7% m-o-m in December to $98.4 billion, driven by record-high imports of $364.9 billion. Businesses rushed to secure foreign goods ahead of potential tariffs. While exports declined, trade gaps with Canada, Mexico, and China fluctuated. Analysts predict continued deficits as tariff uncertainties impact global trade flows.

Oil prices rise

Brent crude futures were recorded at $74.87/barrel today. Meanwhile, WTI crude oil futures increased by 0.44% d-o-d to $71.34/barrel.

Natural gas prices drop

Natural gas stood at $3.34/metric million British thermal unit (MMBtu), down by 0.57% d-o-d.

Dollar index inches up

The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 107.58, up by 0.14% d-o-d at the time of reporting. The Indian rupee was recorded at INR 87.55 against the dollar.