Base metals prices on LME show negative trends, stocks witness outflows

Base metals prices on the London Metal Exchange (LME) showed negative trends, except for copper, which increased by 0.11 per cent d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed outflows, with zinc stocks decreasing by 2.61 per cent d-o-d.

COMEX market update

Copper prices on the COMEX market remained stable at $9,180/tonne (t) compared to the previous close.

Indian market overview

In India's non-ferrous metals markets, BigMint assessed domestic copper armature scrap at INR 740,000/tonne ex-Delhi. Aluminium Tense scrap prices remained stable d-o-d, with ex-Delhi at INR 174,000/tonne and ex-Chennai at INR 175,000/tonne.

Global updates
Singapore's Nov exports grow 3.4 per cent y-o-y

Singapore's non-oil exports rose 3.4 per cent y-o-y in November, driven by a boost in electronics shipments. This performance surpassed expectations, reversing October's 4.7 per cent decline. On a m-o-m basis, exports jumped 14.7 PER CENT. Shipments to Taiwan, Hong Kong, and Malaysia increased while exports to the US, China, and Japan fell.

Japan's factory activity contracts for the 6th straight month

Japan's manufacturing activity shrank for the sixth consecutive month in December, with the Purchasing Managers' Index (PMI) falling to 49.5. The sector faced weak demand, rising costs, and reduced orders. In contrast, the services sector grew, with its PMI rising to 51.4. Despite optimism in services, business confidence in manufacturing remained low due to ongoing cost pressures and global demand concerns.

US manufacturing declines in Dec, outlook positive for 2025

US manufacturing activity contracted further in December, with the flash PMI dropping to 48.3, signalling ongoing challenges. Factory output fell to its lowest since mid-2020, and manufacturers face rising input costs, exacerbated by concerns over potential tariffs on imports. Despite this, manufacturers are optimistic about 2025, predicting revenue growth of 4.2 per cent and a slight increase in factory employment, signalling a recovery after a prolonged slump.

Oil prices edge up

Brent crude futures were recorded at $74.09/barrel on December 17. Meanwhile, WTI crude oil futures increased slightly by 0.20% d-o-d to $70.85/barrel.

Natural gas prices rise

Natural gas stood at $3.22/metric million British thermal unit (MMBtu), up by 0.44 per cent d-o-d.

Dollar index up

The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 106, up slightly by 0.11 per cent d-o-d. The Indian rupee was recorded at INR 84.92 against the dollar.

Image credit: LinkedIn

Note: This article is received under the content exchange agreement with BIGMINT and published as received without edits from AL Circle.