LME base metals prices show positive trends; stocks witness negative flow

Base metals prices on the London Metal Exchange (LME) showed positive trends. Notably, lead saw the largest increase of 3.12%. Meanwhile, metal stocks at LME-registered warehouse showed a negative movement, with the largest decrease witnessed in copper by 1.29%. However, nickel increased by 0.56%.

COMEX market

Copper prices on COMEX have increased by 1% to $9,315/t against the previous closing.

India market overview

In India's non-ferrous markets, BigMint assessed domestic copper armature scrap at INR 739,000/t ex-Delhi. Meanwhile, aluminium tense scrap prices remained stable, with ex-Delhi NCR prices at INR 176,000/t and ex-Chennai prices at INR 177,000/t.

Global market updates

Canada ends rail work stoppage

The Canada Industrial Relations Board has halted rail work stoppages, imposing binding arbitration and continuing existing contracts for Canadian National Railway and Canadian Pacific Kansas City. The Teamsters criticize the decision as a dangerous precedent and plan to challenge it in federal court. The move aims to resolve disruptions impacting Canada's export-driven economy.

India's growth sows to a yearly low

India's economic growth likely slowed to 6.9% in the April-June quarter, its slowest in a year, due to reduced government spending before the national elections. The slowdown from 7.8% last quarter reflects lower public spending and moderate consumption growth. Despite this, India remains the fastest-growing major economy, with future growth expected around 7%.

Oil prices rise amid Middle East tensions, Fed signals

Crude oil prices rose this week as Middle East violence and reduced global supply, including U.S. inventories at a two-year low, spurred concerns. Brent crude was above $79 and WTI above $75. U.S. Fed's potential rate cuts also supported the rally, boosting oil prices.

Brent crude oil futures have recorded at $79.65 barrel, while WTI crude oil futures have rose slightly by 0.83% to $75.45/barrel.

Natural gas

Natural gas prices were recorded at $2.19/MMBtu, down by 0.15%.

Dollar index

The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 100.71, remained stable.

The Indian rupee was recorded at INR 83.88 against the dollar compared from the previous close.