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

• US factory orders rise by 0.2% in Oct
  
  
• China's services activity slows in Nov
  
  

Base metals prices on the London Metal Exchange (LME) showed positive trends, with aluminium gaining the highest, by 1.42% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed mixed movements, with aluminium stocks dropping by 0.14% d-o-d.

COMEX market update

Copper prices on the COMEX market remained stable at $9,223/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 746,000/t ex-Delhi. Aluminium tense scrap prices remained stable d-o-d, with ex-Delhi at INR 173,000/t and ex-Chennai at INR 174,000/t.

Global updates

US factory orders edge up in Oct

US factory orders rose 0.2% in October, recovering from a 0.2% decline in September, according to the Commerce Department. On a y-o-y basis, factory orders were up 0.4%. However, business spending on equipment showed signs of slowing, with orders for non-defence capital goods excluding aircraft falling by 0.2%.

China's services activity slows in Nov

China's services sector growth slowed in November, reflecting weaker new business and export growth. Despite this, business confidence rose, and companies hired more staff. While policymakers provided support, concerns over future trade tensions, especially with the US, added uncertainty to the economic outlook.

South Korea's Q3 GDP growth unchanged

South Korea's economy grew 0.1% in Q3, according to revised central bank data, matching the initial estimate. On a y-o-y basis, GDP increased by 1.5%, slower than the 2.3% growth in Q2. The data highlights ongoing economic challenges amid global uncertainties.

Oil prices steady

Oil prices held steady d-o-d, as traders awaited OPEC+'s decision on extending production cuts. Market sentiment was influenced by ongoing Middle East tensions and expectations that the group would delay any output increase to avoid oversupply. A larger-than-expected decline in US oil stockpiles also supported the market.

Brent crude futures were recorded at $72.28/barrel today. Meanwhile, WTI crude oil futures declined slightly by 0.04% d-o-d to $68.51/barrel.

Natural gas prices up

Natural gas stood at $3.07/metric million British thermal unit (MMBtu), up by 1.15% d-o-d.

Dollar index drops

The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 106.18, down by 0.11% d-o-d. The Indian rupee was recorded at INR 84.72 against the dollar.