Base metals prices, stocks on LME show mixed trends

• China's aluminium exports rise in 2024
  
  
• Global copper prices hit 1-month high
  
  

Base metals prices on the London Metal Exchange (LME) showed mixed trends, with nickel recording the highest gain of 1.55% d-o-d. Meanwhile, inventories at LME-registered warehouses also witnessed mixed movements, with zinc decreasing by 1.61% d-o-d.

COMEX market update

Copper prices on the COMEX market stood at $9,530/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 746,000/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 aluminium exports surge in 2024

China's unwrought aluminium and aluminium product exports rose 17.4% y-o-y in 2024, totalling approximately 6.67 million tonnes (mnt). However, exports fell 23.4% to 506,000 t in December from 670,000 t in November.

Copper prices hit 1-month high

Global copper prices hit a one-month high on Tuesday, supported by strong US economic data, which dampened expectations of rate cuts by the Federal Reserve in 2025. However, the dollar's strength limited further gains, making commodities more expensive for holders of other currencies. Other base metals showed mixed performance d-o-d, with aluminium and nickel rising, while lead, zinc, and tin experienced declines.

Oil prices fall

Brent crude futures were recorded at $80.39/barrel today. Meanwhile, WTI crude oil futures decreased slightly by 0.69% d-o-d to $78.28/barrel.

Natural gas prices drop

Natural gas stood at $3.82/metric million British thermal unit (MMBtu), down by 2.87% 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 109.71, up by 0.20% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.56 against the dollar.