LME base metals prices edge up; stocks witness outflow

Base metals prices on the London Metal Exchange (LME) edged up except zinc, with copper witnessing the largest increase of 0.93%. Similarly, metal stocks at LME-registered warehouses showed a decline except nickel with the highest drop in zinc stock by 0.86%.

COMEX market

Copper prices on COMEX are up by 2% to $10,098/t against the previous closing.

India market

In India's non-ferrous market, BigMint's assessment of domestic copper armature scrap prices stood at INR 770,000/t ex-Delhi. Meanwhile, aluminium tense scrap prices have remained range-bound, with ex-Delhi NCR at INR 181,000/t and ex-Chennai at INR 182,000/t.

Global updates

China's Q2 economic growth is lower than expected

China's second-quarter GDP fell short of expectations, indicating economic slowdown influenced by a property downturn and sluggish consumer demand. Analysts predicted that increased stimulus measures from Beijing to counter these challenges and support economic growth.

Thai economy disrupted by factory closures, cheap Chinese imports

Thailand grapples with factory closures and competition from inexpensive Chinese imports, straining its manufacturing sector pivotal to its economy. Prime Minister aims to rejuvenate growth amid challenges like rising energy costs and an aging workforce, emphasising the need for economic adaptation.

China's June industrial output, retail sales growth disappoint

China's industrial output rose in June, slowing from May, due to sluggish domestic demand impacting economic recovery. The National Bureau of Statistics reported that the increase was slightly above analysts' expectations. Retail sales growth also slowed significantly, missing predictions. Fixed asset investment grew in the first half of 2024, aligning with forecasts but showing a slight decline from the previous period.

Oil prices steady

Oil prices were largely stable on Monday due to political uncertainty in the U.S. and the Middle East, despite pressure from a stronger dollar and weak demand from China. Geopolitical tensions, OPEC+ supply cuts, and Iraq's commitment to offset overproduction supported prices.

Brent oil futures were down slightly by 0.15% to $84.90 per barrel. Meanwhile, crude oil WTI futures were down by 0.06% to $82.16 per barrel at the time of reporting.

Natural gas prices down

Prices of natural gas were recorded at $2.26/MMBtu, down 2.92%.

Dollar index

The dollar index, which gauges value of the greenback against a basket of six different currencies, hovered at 104.28, slightly up by 0.18%.

The rupee was recorded at INR 83.56 against the dollar, largely stable compared to the previous closing.