Base metals prices, stocks on LME show mixed trends

• China's manufacturing grows for 3rd straight month in Dec
  
  
• South Korea's factory output declines 0.7% m-o-m in Nov
  
  

Base metals prices on the London Metal Exchange (LME) showed mixed trends, with lead increasing by 0.82% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed negative movements, with aluminium stocks decreasing by 0.68% d-o-d.

COMEX market update

Copper prices on the COMEX market stood at $9,083/tonne (t), up by 3% compared to the previous close.

Indian market overview

In India's non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 748,000/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's manufacturing expands for third consecutive month

China's manufacturing activity likely grew for the third consecutive month in December, providing a glimmer of optimism as officials seek to stabilise the economy amid global challenges and potential US tariffs. However, concerns over consumer confidence and the property sector persist. Policy support is being provided, aimed at bolstering the property market and domestic demand.

Japan's factory activity shrinks at slower pace

Japan's factory activity shrank at a slower rate in December, signalling a potential stabilisation after recent declines. Production and new orders contracted less, although new orders have now fallen for 19 consecutive months. Employment rose, reflecting efforts to address labour shortages and prepare for future demand. Despite improvements, the sector remains below the growth threshold.

South Korea's factory output falls more than expected

South Korea's factory output declined more than expected in November, by 0.7% m-o-m, amid slowing exports and weak business confidence. Y-o-y, output increased by just 0.1%, far below the 6.3% growth seen in October. Exports to key markets such as the US and China slowed, contributing to the country's weak economic sentiment.

Oil prices edge up

Brent crude futures were recorded at $74.30/barrel today. Meanwhile, WTI crude oil futures increased slightly by 0.10% d-o-d to $70.67/barrel.

Natural gas prices drop

Natural gas stood at $3.89/metric million British thermal unit (MMBtu), down by 1.39% d-o-d.

Dollar index inches down

The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 107.78, down by 0.02% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.47 against the dollar.