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

• India boosts lithium investments in Argentina
  
  
• US GDP growth slows to 2.6% in Q4CY'24
  
  

Base metals prices on the London Metal Exchange (LME) showed positive trends, with aluminium recording the highest gain of 1.83% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed a downtrend, with zinc decreasing by 1.94% d-o-d.

COMEX market update

Copper prices on the COMEX market stood at $9,376/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 750,000/t ex-Delhi. Aluminium Tense scrap prices dropped d-o-d, with ex-Delhi at INR 174,000/t and ex-Chennai at INR 175,000/t.

Global updates

US economic growth expected to slow in Q4CY'24

US economic growth likely slowed in Q4CY'24 due to rising imports and a Boeing strike, though strong domestic demand supported consumer spending. GDP grew at an estimated 2.6% annualised rate, down from 3.1% in Q3. The Federal Reserve's interest rate cuts may continue as inflation pressures ease, while the labour market remains robust.

India pushes for lithium investments in Argentina

India is boosting its investments in Argentina's lithium, mining, gas, and oil sectors to support the country's energy transition, targeting critical minerals for electric vehicle production. State-run firms such as KABIL and Coal India are already exploring lithium in Catamarca. India's push for 30% electric vehicles by 2030 underscores the importance of securing stable, long-term mineral supplies.

Oil prices up

Brent crude futures were recorded at $76.59/barrel today. Meanwhile, WTI crude oil futures increased slightly by 0.12% d-o-d to $72.71/barrel.

Natural gas prices rise

Natural gas stood at $3.23/metric million British thermal unit (MMBtu), up by 1.96% 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 107.73, up by 0.55% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.58 against the dollar.