Base metals prices, stocks on LME show negative trends

• Japan's GDP grows, but export risks persist
  
  
• Eurozone industrial output falls 2% in Sep'24
  
  

Base metals prices on the London Metal Exchange (LME) showed negative trends, with lead witnessing a drop of 2.39% d-o-d. Meanwhile, stocks at LME-registered warehouses exhibited outflows, except for nickel, which increased by 2.07% d-o-d.

COMEX market update

Copper prices on the COMEX market remained stable at $8,965/tonne (t) compared to the previous close.

Indian market overview

In India's non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 736,000/t ex-Delhi. Aluminium tense scrap prices remained stable d-o-d, with ex-Delhi at INR 172,000/t and ex-Chennai at INR 173,000/t.

Global updates

Japan's economy shows mixed growth in Q3CY'24

Japan's economy grew by an annualised 0.9% in Q3CY'24 (July-September), surpassing forecasts but slowing from Q2's 2.2%. A surprise 0.9% rise in private consumption offset weak capital expenditure, which fell 0.2%. Despite robust consumer spending, risks from global slowdowns, especially in the US and China, and potential US tariffs under Trump pose challenges for Japan's export-dependent economy.

China's economy struggles in Oct'24

China's October data reveals slower industrial growth and ongoing weakness in the property sector. While retail sales surged, boosted by holidays and Singles' Day, overall recovery remains uncertain. Economic growth faces pressure from potential US tariffs under the Trump administration, which has prompted calls for more stimulus. Analysts warn that it is too early to confirm a stable recovery trajectory.

Eurozone industrial output drops more than expected

Eurozone industrial production fell by 2.0% m-o-m in September, worse than the expected 1.4% decline, with Germany seeing the steepest drop at 2.7%. Y-o-y, output dropped 2.8%, signalling a deepening industrial recession. Weak demand from China, high energy costs, and sluggish automotive performance continue to hinder recovery, suggesting a delayed and shallow rebound for the region's economy.

Oil prices fall

Brent crude futures were recorded at $71.84/barrel. Meanwhile, WTI crude oil futures edged down by 0.99% d-o-d to $68.02/barrel.

Natural gas prices inch down

Natural gas prices stood at $2.72/metric million British thermal unit (MMBtu), down by 2.08% 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 106.72, up by 0.13% d-o-d. The Indian rupee was recorded at INR 84.45 against the dollar.