Base metals prices, stocks on LME show negative trends

• Japan's exports rise nearly 3% in Dec'24
  
  
• South Korea's economy grows 0.1% in Dec
  
  

Base metals prices on the London Metal Exchange (LME) showed negative trends, with copper recording the highest decline of 0.66% d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed downward movements, with zinc decreasing by 2.01% d-o-d.

COMEX market update

Copper prices on the COMEX market stood at $9,340/tonne (t), down by 1% compared to the previous close.

Indian market overview

In the domestic non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 758,000/t ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 175,000/t and ex-Chennai at INR 176,000/t.

Global updates

S. Korea's economic growth slows amid political crisis, external risks

South Korea's economy grew just 0.1% in Q4 2024, below expectations, as political turmoil hurt domestic demand. The ongoing political crisis, including the impeachment of key leaders, dampened confidence, impacting growth outlook for 2025. Exports showed slight recovery, but risks, including potential tariffs under a second Trump presidency, threaten further economic strain.

Japan's December exports exceed expectations amid tariff concerns

Japan's exports rose 2.8% in December, surpassing forecasts, driven by a weak JPY and strong demand for chipmaking equipment. However, shipments to major partners China and the US fell. Japanese companies are concerned about potential tariffs from the US, with uncertainty clouding future trade and prompting businesses to prepare for possible disruptions.

Oil prices fluctuate

Brent crude futures were recorded at $78.77/barrel today. Meanwhile, WTI crude oil futures decreased by 0.32% d-o-d to $75.20/barrel.

Natural gas prices drop

Natural gas stood at $4.01/metric million British thermal units (MMBtu), up by 1.26% 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 108.11, up by 0.14% d-o-d at the time of reporting. The Indian rupee was recorded at INR 86.43 against the dollar.