Base metals prices on LME show positive trends, stocks remain stable

Base metals prices on the London Metal Exchange (LME) showed positive trends, with zinc increasing by 1.07% d-o-d. Meanwhile, inventories at LME-registered warehouses remained stable d-o-d. Additionally, LME was closed today due to the New Year holiday.

COMEX market update

Copper prices on the COMEX market stood at $8,797/tonne (t), stable compared to the previous close.

Indian market overview

In India's non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 750,000/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

India's December factory activity hits 2024 low

India's manufacturing growth slowed in December, marking its weakest pace of the year. The PMI fell to 56.4, reflecting softer demand despite easing cost pressures and strong job growth. While exports grew at their fastest pace in five months, new orders expanded at the slowest rate signalling weaker production growth for 2025.

China's factory activity slows amid export decline

China's factory activity grew at a slower pace in December, with the manufacturing PMI dropping to 50.5. The slowdown was driven by declining export orders, marking the fourth month of contraction. Concerns over US tariffs and weak external demand have led to cautious outlooks, with policymakers focusing on boosting domestic consumption and stabilising growth in 2025.

Singapore's economy grows 4% in 2024

Singapore's economy expanded by 4% in 2024, its fastest growth since the pandemic. The fourth quarter GDP surged 4.3%, surpassing expectations. Growth was driven by strong manufacturing, boosted by shifting supply chains and preemptive shipments ahead of potential US tariffs. Despite a strong 2024, the 2025 growth forecast is cautious, with expectations of 1%-3% growth amid external challenges.

Oil prices edge up

Brent crude futures were recorded at $74.81/barrel today. Meanwhile, WTI crude oil futures increased slightly by 0.25% d-o-d to $71.90/barrel.

Natural gas prices down

Natural gas stood at $3.59/metric million British thermal unit (MMBtu), down by 1.07% 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 108.19, down by 0.09% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.76 against the dollar.