LME base metals prices witness downtrend barring copper, stocks show mixed trends
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Base metals prices on the London Metal Exchange (LME) showed negative trends except copper, with zinc witnessing largest decline of 1.99%. Meanwhile, metal stocks at LME-registered warehouses showed mixed trends. The largest outflow was seen in lead, which fell by 1.16% while the largest inflow was seen in copper, which was up by 0.55%.
COMEX market
Copper prices on COMEX were stable at $9,020/t against the previous closing.
India market overview
In India's non-ferrous markets, BigMint's assessment of domestic copper armature scrap prices stood at INR 753,000/t ex-Delhi. Meanwhile, aluminium tense scrap prices have remained range-bound, with ex-Delhi NCR at INR 174,000/t and ex-Chennai at INR 175,000/t.
Global updates
China's services sector grows, external demand slows
China's services activity expanded in July, with the Caixin/S&P Global PMI rising to 52.1, indicating growth for the nineteenth consecutive month. However, overseas demand grew at its slowest rate in 11 months. While new orders increased, external demand eased. The official services PMI showed stagnation, reflecting challenges such as deflation and a property slump.
China to implement new carbon emissions controls by 2030
China is planning to accelerate its carbon emissions control system, aiming for a peak in emissions by 2030. The new "dual-control" system will balance energy and carbon intensity with total emissions controls. Starting in 2026, carbon budgets will be set by provinces, and emissions will be integrated into national planning. A product carbon footprint measure will begin in 2027.
Japan's July service activity rebounds amid cost pressures
Japan's service-sector activity rebounded in July, with the PMI rising to 53.7 from June's 49.4. This growth, driven by strong domestic demand, contrasts with a drop in new export business and persistent cost pressures. The composite PMI also returned to expansionary territory. The Bank of Japan's (BOJ's) recent rate hike reflects concerns over inflation and rising service prices.
Breakthrough material could replace costly nickel alloys in nuclear reactors
Researchers from Argonne National Laboratory have developed a new material to replace expensive nickel-based alloys used in nuclear reactors. This material showed exceptional corrosion resistance and durability under intense radiation conditions. The innovative framework used to identify this material could reduce reactor costs and improve safety, with the new material set for patenting.
Oil prices fall
Oil prices fell due to weaker-than-expected U.S. job growth, disappointing economic data from China, increased OPEC oil output, and broader concerns about a sluggish global economic recovery impacting demand.
Brent oil futures were down by 1.33% to $75.79 per barrel. Meanwhile, crude oil WTI futures were marginally down by 1.48% to $72.43 per barrel at the time of reporting.
Natural gas prices dip
Prices of natural gas were recorded at $1.90/MMBtu, down by 3.05%.
Dollar index
The dollar index, which gauges value of the greenback against a basket of six different currencies, hovered at 103.22, which is down by 1.15%.
The rupee was recorded at INR 83.84 against the dollar, largely stable compared to the previous closing.