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Base metals prices on LME show positive trends

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Aluminium

BigMint Bureau

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5 Feb 2025, 13:32 IST

Base metals prices on LME show positive trends

Japan's services sector expands on demand

China's services growth slows in January

Base metals prices on the London Metal Exchange (LME) showed positive trends, with lead recording a rise of 1.29% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed mixed trends with zinc down by 1.59% d-o-d.

COMEX market update

Copper prices on the COMEX market stood at $9,585/tonne (t), up by 1% 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

Japan's services sector expands on Asian demand

Japan's services sector grew for a third straight month in January, with the PMI rising to 53.0 from 50.9 in December. Strong Asian demand boosted exports, while new business and hiring expanded. Firms remained optimistic about future growth despite rising input costs. The Composite PMI also improved, signalling overall economic resilience amid manufacturing weaknesses.

China's services growth slows in Jan'25

China's services sector grew at a slower pace in January, with the Caixin PMI dropping to 51.0 from December's 52.2. Employment fell to its weakest since April 2024, partly due to the Lunar New Year holidays. Business optimism improved despite concerns over U.S. tariffs. The Composite PMI also declined, reflecting sluggish overall economic momentum.

Oil prices drop

Brent crude futures were recorded at $76.46/barrel today. Meanwhile, WTI crude oil futures increased by 1.92% d-o-d to $73.92/barrel.

Natural gas prices drop

Natural gas stood at $3.19/metric million British thermal unit (MMBtu), down by 1.75% 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 107.66, down by 0.13% d-o-d at the time of reporting. The Indian rupee was recorded at INR 87.20 against the dollar.