Base metals prices, stocks on LME show negative trends

Base metals prices on the London Metal Exchange (LME) showed negative trends, with nickel recording the highest outflow of 1.21% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed downward movements, with zinc declining by 1.38% d-o-d.

COMEX market update

Copper prices on the COMEX market stood at $9,139/t, down 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 755,000/t ex-Delhi. Aluminium tense scrap prices remained stable d-o-d, with ex-Delhi at INR 173,000/t and ex-Chennai at INR 174,000/t.

Global updates

BOJ expected to hike rates in December

The Bank of Japan is expected to raise interest rates in December due to a strengthening economy and concerns over the weakening JPY. With inflationary pressures mounting, particularly following Donald Trump's election victory, economists foresee additional hikes, as the BOJ aims to address the currency's impact and stay on track with its inflation target.

Turkiye's central Bank holds interest rate at 50%

The Central Bank of Turkey kept its key interest rate at 50% for the eighth consecutive month, in line with expectations. While inflation remains high, underlying trends showed improvement in October. Investors are hopeful for a potential rate cut in 2025 due to better inflation expectations and a strengthening lira. However, the central bank will maintain tight monetary policy until inflation shows sustained decline.

Japan's factory activity declines for fifth month

Japan's factory activity contracted for the fifth consecutive month in November, driven by weak demand and concerns over China's economic slowdown. The manufacturing PMI fell slightly to 49.0, signaling ongoing contraction. Input inflation remained high, while employment reduced for the first time since February. Meanwhile, the services sector saw modest growth, as the composite PMI stayed below 50.

Oil prices rise

Oil prices are rising due to increased concerns over the Russia-Ukraine conflict, which has added a risk premium to crude. Traders are focused on potential supply disruptions, contributing to oil's positive momentum this week, despite a larger-than-expected rise in US inventories.

Brent crude futures were recorded at $74.25/barrel. Meanwhile, WTI crude oil futures increased by 0.04% d-o-d at $70.13/barrel.

Natural gas prices edge up

Natural gas prices stood at $3.35/metric million British thermal unit (MMBtu), up by 0.39% d-o-d.

Dollar index edges up

The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 107.12, up by 0.17% d-o-d. The Indian rupee was recorded at INR 84.49 against the dollar.