Base metals prices on the London Metal Exchange (LME) showed positive trends, with nickel increasing by 1.61 per cent d-o-d. Meanwhile, inventories at LME-registered warehouses witnessed mixed trends, with zinc stocks decreasing by 1.32 per cent d-o-d.
COMEX market update
Copper prices on the COMEX market increased by 1 per cent to $9,051/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 734,000/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
China to raise budget deficit to 4 per cent of GDP in 2025
China plans a record 4 per cent budget deficit of GDP for 2025, a significant increase from 2024's 3 per cent, as part of a strategy to counter potential US tariff hikes. The government aims to maintain a 5 per cent GDP growth target while expanding fiscal policies through special bonds and other measures. These actions are aimed at stabilising the economy amid challenges such as the ongoing property crisis and weak consumer demand. More details on fiscal and monetary strategies are expected soon.
Canada's retail sales grow 0.6 per cent m-o-m in Oct
Canada's retail sales rose 0.6 per cent m-o-m in October, slightly below expectations. The increase was driven by a 2 per cent m-o-m rise in motor vehicle sales, but grocery and wine store sales declined. November retail sales are likely to be flat, partly due to a sales tax holiday. The economy showed slow growth in Q3CY'24, with retail spending contributing significantly to GDP.
Oil prices edge up
Brent crude futures were recorded at $73.27/barrel today. Meanwhile, WTI crude oil futures increased slightly by 0.55 per cent d-o-d to $69.84/barrel.
Natural gas prices rise
Natural gas stood at $3.90/metric million British thermal unit (MMBtu), up by 4.16 per cent d-o-d.
Dollar index rise
The dollar index, which measures the value of the greenback against a basket of six major currencies, hovered at 107.52, up by 0.16 per cent d-o-d at the time of reporting. The Indian rupee was recorded at INR 85.06 against the dollar.
Image credit: Reuters
Note: This article is received under the content exchange agreement with BIGMINT and published as received without edits from AL Circle.
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