Base metals prices, stocks on LME exhibit negative trends

Base metals prices on the London Metal Exchange (LME) showed negative trends, with copper decreasing by 1.59% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed outflows, with zinc stocks falling by 1.25% d-o-d.

COMEX market update

Copper prices on the COMEX market stood at $8,831/tonne (t), down by 2% compared to the previous close.

Indian market overview

In India's non-ferrous metals markets, BigMint assesseddomestic 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 infrastructure output grows 4.3% y-o-y in Nov

India's infrastructure output increased by 4.3% y-o-y in November, driven by strong construction activity. Coal output rose 7.5% y-o-y, and electricity generation grew 3.8% y-o-y. However, crude oil and natural gas production saw declines. In the April-November period, infrastructure output expanded by 4.2% y-o-y, slower than the 8.7% increase during the same period last year.

Chile's copper production up 9.8% y-o-y in Nov

Chile's copper production rose 9.8% y-o-y in November to 488,519 t. Additionally, overall manufacturing in the country increased by 0.6% y-o-y, largely driven by the production of paper and paper products.

Oil prices edge up

Brent crude futures were recorded at $74.64/barrel today. Meanwhile, WTI crude oil futures increased slightly by 1.24% d-o-d to $71.87/barrel.

Natural gas prices down

Natural gas stood at $3.63/metric million British thermal unit (MMBtu), down by 7.70% 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 108.2, up by 0.32% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.60 against the dollar.