Base metals prices on LME witness positive trend, stocks see mixed movements
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Base metals prices, excluding aluminium, on the London Metal Exchange (LME) witnessed positive trend with the highest change seen in copper prices. Meanwhile, the stocks at the LME registered warehouses saw varied trends.
COMEX market
Copper prices on the Commodity Exchange (COMEX) rose by 0.9% to $10,053/t against the previous closing.
India's non-ferrous market
Throughout the week, both domestic and global base metals markets experienced rising trends. Imported aluminium scrap market sustained positive price levels, followed by domestic market despite the drop in LME futures. However, copper, zinc, and lead prices all witnessed a rise.
Global updates
China's manufacturing, industrial profit decline
China's April manufacturing activity likely to have slowed, with the PMI expected to dip to 50.3 from March's 50.8. Despite a stronger-than-expected first quarter (Q1), weak domestic demand persists, impacting local governments and households.
China's industrial profits in March declined by 3.5%, slowing the first quarter's gains to 4.3%, compared to 10.2% in the initial two months. Despite high-tech manufacturing showing a 29.1% rise, concerns over weak domestic demand persist.
South Korea's April exports surge
South Korea's April exports likely to have surged by 13.7%, continuing a seven-month upward trend, driven by robust chip sales. March's 3.1% rise marked the slowest in this sequence. The economy's strong performance in Q1, especially in domestic consumption and exports, suggests continued positive growth momentum. Import growth is forecasted at 6.2%, ending a decline since February 2023.
Oil prices dip
On Monday, oil prices dropped by 1%, reversing the gains seen on Friday. This shift occurred as peace talks between Israel and Hamas in Cairo alleviated concerns about a broader conflict in the Middle East. Additionally, the US inflation data suggested that the likelihood of interest rate cuts in the near future was further diminished.
Brent oil futures were down slightly by 1.1% to $88.51 per barrel. Crude oil WTI futures edged down by 0.98% to $83.01 per barrel at the time of reporting.
Natural gas prices gain
Prices of natural gas were recorded at $1.954/MMBtu, up 1.61%.
Dollar index
The dollar index, which gauges value of the greenback in a basket of six different currencies, hovered at 105.67, slightly down by 0.15%.
The rupee was recorded at INR 83.43 against the dollar, depreciating marginally against the previous closing.
