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

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Aluminium
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23 Dec 2024, 13:15 IST
Base metals prices on LME show positive trends, stocks witness mixed movements

  • China to raise budget deficit to 4% of GDP in 2025

  • Canada's retail sales grow 0.6% m-o-m in Oct'24

Base metals prices on the London Metal Exchange (LME) showed positive trends, with nickel increasing by 1.61% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed mixed trends, with zinc stocks decreasing by 1.32% d-o-d.

COMEX market update

Copper prices on the COMEX market increased by 1% to $9,051/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 734,000/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

China to raise budget deficit to 4% of GDP in 2025

China plans a record 4% budget deficit of GDP for 2025, a significant increase from 2024's 3%, as part of a strategy to counter potential US tariff hikes. The government aims to maintain a 5% GDP growth target while expanding fiscal policies through special bonds and other measures. These actions are aimed at stabilising the economy amid challenges such as the ongoing property crisis and weak consumer demand. More details on fiscal and monetary strategies are expected soon.

Canada's retail sales grow 0.6% m-o-m in Oct

Canada's retail sales rose 0.6% m-o-m in October, slightly below expectations. The increase was driven by a 2% m-o-m rise in motor vehicle sales, but grocery and wine store sales declined. November retail sales are likely to be flat, partly due to a sales tax holiday. The economy showed slow growth in Q3CY'24, with retail spending contributing significantly to GDP.

Oil prices edge up

Brent crude futures were recorded at $73.27/barrel today. Meanwhile, WTI crude oil futures increased slightly by 0.55% d-o-d to $69.84/barrel.

Natural gas prices rise

Natural gas stood at $3.90/metric million British thermal unit (MMBtu), up by 4.16% d-o-d.

Dollar index rise

The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 107.52, up by 0.16% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.06 against the dollar.

23 Dec 2024, 13:15 IST

 

 

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