Base metals prices, stocks on LME show negative trends

• Copper prices decline w-o-w amid market uncertainty
  
  
• Oil tags rise d-o-d on positive Chinese manufacturing data
  
  

Base metals prices on the London Metal Exchange (LME) showed negative trends, with lead decreasing by 1.12% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed negative movements, with zinc stocks decreasing by 2.71% d-o-d.

COMEX market update

Copper prices on the COMEX market stood at $8,995/tonne (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 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

China posts mixed economic performance in Dec

China's manufacturing activity expanded for the third month in December, though at a slower pace, while services and construction showed stronger growth. Stimulus measures are supporting economic activity, but challenges such as weak consumption, investment, and trade risks remain. Policymakers aim for a stable growth rate of around 5% in 2025 despite ongoing economic pressures.

Copper prices decline w-o-w amid market uncertainty

Copper prices edged lower w-o-w as market participants awaited crucial economic data from China, the world's largest consumer of base metals. Concerns over US-China trade relations and rising copper stocks contributed to the cautious sentiment. Although copper production in Chile remained stable and China's imports increased, the market showed signs of a surplus, keeping prices under pressure.

Oil prices edge up

Oil prices rose d-o-d following positive Chinese manufacturing data, which boosted sentiment, but remained on track for yearly declines due to concerns over demand and potential oversupply. The outlook for 2025 is clouded by weak demand growth in China and expected production increases from non-OPEC countries, alongside broader economic uncertainties.

Brent crude futures were recorded at $74.39/barrel today. Meanwhile, WTI crude oil futures increased slightly by 0.85% d-o-d to $71.59/barrel.

Natural gas prices up

Natural gas stood at $3.96/metric million British thermal unit (MMBtu), up by 0.81% 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 107.75, down by 0.17% d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.60 against the dollar.