Economic Weekly Wrap
17 March 2025 - 21 March 2025
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17 Mar 2025
Global markets monitored slew of data releases. In the US, University of Michigan sentiment index softened in Mar’25 and both 1-year and 5-year inflation expectations firmed up. In UK, monthly GDP data showed contraction (-0.1%) in Jan’25 and industrial production saw loss of momentum (-0.9%, MoM). In Germany, CPI remained stable at 2.3% in Feb’25. However, markets are waiting details on debt funded defence and infrastructure expenditure. In other macro releases, has been China’s retail sales (YTD YoY, at 4%) and industrial production data (YTD YoY, 5.9%) which remained upbeat on account of frontloading of orders, monitoring the tariff turmoil. On domestic front, India’s forex reserves (US$ 654bn) registered strong weekly gain buoyed by RBI’s swap operations.
Global equity indices majorly ended higher despite threats of a global tariff war. US stocks advanced the most, led by a rally in tech stocks. Hopes of more policy support drove consumption linked stocks in China and Hong Kong higher. Sensex was closed. However, it is trading higher today, while Asian stocks are trading mixed.
Fig 1 – Stock markets
13-03-2025 14-03-2025 Change, % Dow Jones 40,814 41,488 1.7 S & P 500 5,522 5,639 2.1 FTSE 8,543 8,632 1.1 Nikkei 36,790 37,053 0.7 Hang Seng 23,463 23,960 2.1 Shanghai Comp 3,359 3,420 1.8 Sensex 74,030 73,829 (0.3) Nifty 22,471 22,397 (0.3) Source: Bloomberg, Bank of Baroda Research
Global currencies ended mixed. DXY slipped as US consumer sentiment index moderated to a more than 2-year low. EUR rose on reports of a fiscal deal between German parties, boosting growth prospects. JPY declined as expectations of a rate hike this week dwindled. INR is trading stronger today, in line with other Asian currencies.
Fig 2 – Currencies
13-03-2025 14-03-2025 Change, % EUR/USD (1 EUR / USD) 1.0852 1.0879 0.2 GBP/USD (1 GBP / USD) 1.2952 1.2935 (0.1) USD/JPY (JPY / 1 USD) 147.81 148.64 (0.6) USD/INR (INR / 1 USD) 87.21 87.01 0.2 USD/CNY (CNY / 1 USD) 7.2432 7.2374 0.1 DXY Index 103.83 103.72 (0.1) Source: Bloomberg, Bank of Baroda Research
Note: Figures in brackets indicate depreciation against the dollar
Global yields closed mixed. 10Y yields in US and Germany rose the most. Decline in consumer sentiment index in the US and rise in inflation expectations impacted investor sentiments. In Germany, prospects of higher bond issuances by the government pushed yields higher. India’s 10Y yield rose by 1bps, tracking global cues. It is trading at the same level today.
Fig 3 – Bond 10Y yield
13-03-2025 14-03-2025 Change, bps US 4.27 4.31 4 UK 4.68 4.67 (1) Germany 2.86 2.88 2 Japan 1.55 1.52 (3) China 1.86 1.85 (1) India 6.68 6.70 1 Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
13-03-2025 14-03-2025 Change, bps Tbill-91 days 6.48 6.46 (2) Tbill-182 days 6.59 6.56 (3) Tbill-364 days 6.56 6.52 (4) G-Sec 2Y 6.54 6.55 1 India OIS-2M 6.34 6.34 0 India OIS-9M 6.13 6.13 0 SONIA int rate benchmark 4.45 4.46 0 US SOFR 4.31 4.30 (1) Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
13-03-2025 14-03-2025 Change (Rs tn) Net Liquidity (-deficit/+surplus) (1.4) (1.5) (0.1) Reverse Repo 0 0 0 Repo* 1.8 1.9 0.1 Source: RBI, Bank of Baroda Research, *Includes LTRO
Fig 6 – Capital market flows
11-03-2025 12-03-2025 Change (US$ mn/Rs cr) FII (US$ mn) 210.5 150.5 (60.0) Debt 226.4 312.1 85.7 Equity (15.9) (161.6) (145.7) Mutual funds (Rs cr) (3,199.5) (2,511.1) 688.4 Debt (3,463.9) (3,240.0) 223.9 Equity 264.4 728.9 464.5 Source: Bloomberg, Bank of Baroda Research
Note: Mutual Fund data as of 8 Mar and 9 Mar 2025
Oil prices rose, as US data shows slower than expected build-up in inventories.
Fig 7 – Commodities
13-03-2025 14-03-2025 Change, % Brent crude (US$/bbl) 69.9 70.6 1.0 Gold (US$/ Troy Ounce) 2989.2 2984.2 (0.2) Copper (US$/ MT) 9751.1 9731.9 (0.2) Zinc (US$/MT) 2938.9 2957.0 0.6 Aluminium (US$/MT) 2703.0 2681.5 (0.8) Source: Bloomberg, Bank of Baroda Research
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18 Mar 2025
US retail sales data rose at a less than expected pace in Feb’25 (0.2%, MoM against est.: 0.6%). Even last month’s figure was revised lower. In other releases, OECD has highlighted trade fragmentation as growing risk to overall growth outlook. Hence global growth is estimated to edge down to 3.1% in CY25 from 3.2% in CY24. Growth in US and China is projected to slow down to 2.2% (2.8% in CY24) and 4.8% (5% in CY24), respectively. For India, GDP growth is expected to moderate to 6.4%, amidst volatile global space. Amongst asset classes, safe-haven demand led to record high level in gold prices (US$ 3000/troy ounce). On domestic front, some momentum in WPI was noted led by inflation in manufactured products. Trade deficit on the other hand narrowed down led by softening of gold and oil imports.
Global stocks ended higher. Investors continue to monitor developments surrounding global tariff war, while adopting a “buy the dip” strategy. Focus also remains on US macro data and policy decisions of Fed, BoJ and BoE. In the US, tech stocks remained in demand, while in the UK, energy and mining share rose the most. Sensex ended higher driven by metal and auto stocks. It is trading further higher today, in line with other Asian stocks.
Fig 1 – Stock markets
14-03-2025 17-03-2025 Change, % Dow Jones 41,488 41,842 0.9 S & P 500 5,639 5,675 0.6 FTSE 8,632 8,680 0.6 Nikkei 37,053 37,397 0.9 Hang Seng 23,960 24,146 0.8 Shanghai Comp 3,420 3,426 0.2 Sensex 73,829 74,170 0.5 Nifty 22,397 22,509 0.5 Source: Bloomberg, Bank of Baroda Research
Except JPY, other global currencies gained as dollar continued its slide. Growth concerns weighed on dollar, which declined to a 5-month low. Focus remains on central bank meetings in the US, UK and Japan this week. INR appreciated by 0.2% and is trading further stronger today, in line with Asian peers.
Fig 2 – Currencies
14-03-2025 17-03-2025 Change, % EUR/USD (1 EUR / USD) 1.0879 1.0922 0.4 GBP/USD (1 GBP / USD) 1.2935 1.2992 0.4 USD/JPY (JPY / 1 USD) 148.64 149.21 (0.4) USD/INR (INR / 1 USD) 87.01 86.80 0.2 USD/CNY (CNY / 1 USD) 7.2374 7.2262 0.2 DXY Index 103.72 103.37 (0.3) Source: Bloomberg, Bank of Baroda Research
Note: Figures in brackets indicate depreciation against the dollar
Except Japan (stable) and China (higher), global yields closed lower. Germany’s 10Y yield fell the most on account of frontloading ahead of debt reform vote. UK’s 10Y yield softened monitoring sluggish monthly GDP data. China’s 10Y yield firmed up buoyed by government’s announcement of special action plan to boost consumption. India’s 10Y yield fell a tad and is trading flat today.
Fig 3 – Bond 10Y yield
14-03-2025 17-03-2025 Change, bps US 4.31 4.30 (1) UK 4.67 4.64 (3) Germany 2.88 2.82 (6) Japan 1.52 1.51 0 China 1.85 1.90 5 India 6.70 6.69 (1) Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
14-03-2025 17-03-2025 Change, bps Tbill-91 days 6.48 6.46 (2) Tbill-182 days 6.59 6.56 (3) Tbill-364 days 6.56 6.52 (4) G-Sec 2Y 6.54 6.55 1 India OIS-2M 6.34 6.34 0 India OIS-9M 6.13 6.13 0 SONIA int rate benchmark 4.45 4.46 0 US SOFR 4.31 4.30 (1) Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
14-03-2025 17-03-2025 Change (Rs tn) Net Liquidity (-deficit/+surplus) (1.5) (2.4) (0.9) Reverse Repo 0 0 0 Repo* 1.9 1.5 (0.4) Source: RBI, Bank of Baroda Research, *Includes LTRO
Fig 6 – Capital market flows
12-03-2025 13-03-2025 Change (US$ mn/Rs cr) FII (US$ mn) 150.5 92.0 (58.5) Debt 312.1 190.5 (121.7) Equity (161.6) (98.4) 63.2 Mutual funds (Rs cr) (4,311.9) (968.7) 3,343.3 Debt (6,656.6) (1,098.1) 5,558.5 Equity 2,344.7 129.4 (2,215.3) Source: Bloomberg, Bank of Baroda Research
Note: Mutual Fund data as of 11 Mar and 12 Mar 2025
Oil prices rose as China’s stimulus measures led to hopes of demand revival.
Fig 7 – Commodities
14-03-2025 17-03-2025 Change, % Brent crude (US$/bbl) 70.6 71.1 0.7 Gold (US$/ Troy Ounce) 2984.2 3000.6 0.6 Copper (US$/ MT) 9731.9 9799.3 0.7 Zinc (US$/MT) 2957.0 2932.4 (0.8) Aluminium (US$/MT) 2681.5 2687.0 0.2 Source: Bloomberg, Bank of Baroda Research
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19 Mar 2025
Central banks are adopting a cautious and measured approach amidst ongoing tariff turmoil, seen globally. To start with BoJ, stood pat on rates raising flags on increasing protectionism. US Fed and BoE policy is also scheduled this week, where a similar approach is expected. Among major macro releases are housing starts and industrial production data in the US, which remained upbeat. Even US Treasury Secretary also reconfirmed that the economy is in good shape. US Fed’s dot plot would further shed light on the same. In Germany, ZEW expectations inched up and the parliament passed the debt reform bill. In Japan, imports and core machinery orders softened while exports picked up at a modest pace. On domestic front, RBI announced OMOs of Rs 50,000 crore amidst increased pressure on liquidity which will continue to exhibit some tightness this week, on account of maturity of repos.
Except US, other global stocks ended stronger. Tariff jitters sent stocks in US lower. On the other hand, optimism on China’s growth prospects lifted Hang Seng higher. Nikkei also rose by 1.2%, tracking a fall in JPY. Sensex rose sharply by 1.5% led by gains in real estate and consumer durables stocks. It is trading further higher today, in line with other Asian markets.
Fig 1 – Stock markets
17-03-2025 18-03-2025 Change, % Dow Jones 41,842 41,581 (0.6) S & P 500 5,675 5,615 (1.1) FTSE 8,680 8,705 0.3 Nikkei 37,397 37,845 1.2 Hang Seng 24,146 24,741 2.5 Shanghai Comp 3,426 3,430 0.1 Sensex 74,170 75,301 1.5 Nifty 22,509 22,834 1.4 Source: Bloomberg, Bank of Baroda Research
Global currencies ended broadly higher. DXY remained downbeat as investors await Fed guidance. EUR rose tracking a surge in Germany’s ZEW Economic Sentiment Index. INR appreciated, led by lower oil prices. However, it is trading a tad weaker today, while other Asian currencies are trading mixed.
Fig 2 – Currencies
17-03-2025 18-03-2025 Change, % EUR/USD (1 EUR / USD) 1.0922 1.0945 0.2 GBP/USD (1 GBP / USD) 1.2992 1.3001 0.1 USD/JPY (JPY / 1 USD) 149.21 149.27 0 USD/INR (INR / 1 USD) 86.80 86.57 0.3 USD/CNY (CNY / 1 USD) 7.2262 7.2256 0.0 DXY Index 103.37 103.24 (0.1) Source: Bloomberg, Bank of Baroda Research
Note: Figures in brackets indicate depreciation against the dollar
US 10Y yield edged down by 2bps awaiting Fed policy. Germany’s 10Y yield showed little momentum as market is adopting a cautious approach ahead of higher offloading of debt to finance defence spending. 10Y yields in Japan and China also traded in a narrow range. India’s 10Y yield fell by 2bps and is trading at 6.66% today.
Fig 3 – Bond 10Y yield
17-03-2025 18-03-2025 Change, bps US 4.30 4.28 (2) UK 4.64 4.64 0 Germany 2.82 2.81 (1) Japan 1.51 1.51 (1) China 1.90 1.89 (1) India 6.69 6.67 (2) Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
17-03-2025 18-03-2025 Change, bps Tbill-91 days 6.46 6.56 10 Tbill-182 days 6.57 6.60 3 Tbill-364 days 6.53 6.56 3 G-Sec 2Y 6.55 6.54 (1) India OIS-2M 6.33 6.33 0 India OIS-9M 6.12 6.12 0 SONIA int rate benchmark 4.45 4.45 0 US SOFR 4.30 4.32 2 Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
17-03-2025 18-03-2025 Change (Rs tn) Net Liquidity (-deficit/+surplus) (2.4) (2.3) 0.1 Reverse Repo 0 0 0 Repo* 1.5 2.3 0.8 Source: RBI, Bank of Baroda Research, *Includes LTRO
Fig 6 – Capital market flows
13-03-2025 17-03-2025 Change (US$ mn/Rs cr) FII (US$ mn) 92.0 (153.1) (245.1) Debt 190.5 274.0 83.6 Equity (98.4) (427.2) (328.7) Mutual funds (Rs cr) (968.7) (3,039.5) (2,070.9) Debt (1,098.1) (3,535.9) (2,437.8) Equity 129.4 496.3 366.9 Source: Bloomberg, Bank of Baroda Research
Note: Mutual Fund data as of 12 Mar and 13 Mar 2025
Oil prices eased as Russia agreed on a ceasefire deal for 30-days.
Fig 7 – Commodities
17-03-2025 18-03-2025 Change, % Brent crude (US$/bbl) 71.1 70.6 (0.7) Gold (US$/ Troy Ounce) 3000.6 3034.7 1.1 Copper (US$/ MT) 9799.3 9852.8 0.5 Zinc (US$/MT) 2932.4 2932.8 0.0 Aluminium (US$/MT) 2687.0 2654.5 (1.2) Source: Bloomberg, Bank of Baroda Research
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20 Mar 2025
US Fed held policy rate steady, as anticipated. The dot plot showed two rate cuts have been priced in by officials for CY25. Real GDP is projected to grow by 1.7%, lower than its earlier forecast of 2.1% for CY25 and core PCE is expected to be higher at 2.8% from 2.5% expected earlier. However, Fed Chair in his recent statement has downplayed growth concerns and has highlighted that inflationary impact of tariff is likely to be “transitory”, with no major bump expected in terms of de-anchoring of expectations. In China, benchmark lending rates have been kept at the prevailing rates, however officials hinted at timely monetary easing and liquidity injections. Amongst asset classes, the gold rally continued (US$ 3,048/Troy ounce). On domestic front, RBI’s net Fx intervention in outstanding forwards position swelled to US$ 77.5bn in Jan’25, partly attributable to the swap conducted for maintaining liquidity.
Global stocks ended mixed. Markets in US ended higher following Fed’s projection of two more rate cuts this year. Nikkei declined tracking a fall in Japan’s industrial production. Sensex rose, led by gains in real estate and power stocks. It is trading further higher today, in line with other Asian stocks.
Fig 1 – Stock markets
18-03-2025 19-03-2025 Change, % Dow Jones 41,581 41,965 0.9 S & P 500 5,615 5,675 1.1 FTSE 8,705 8,707 0 Nikkei 37,845 37,752 (0.2) Hang Seng 24,741 24,771 0.1 Shanghai Comp 3,430 3,426 (0.1) Sensex 75,301 75,449 0.2 Nifty 22,834 22,908 0.3 Source: Bloomberg, Bank of Baroda Research
Global currencies ended mixed. DXY rose by 0.2% after the Fed Chair downplayed the risk of softening of growth of the region. GBP was steady ahead of BoE’s policy decision, where status quo is expected. INR appreciated further. It is trading further stronger today, in line with other Asian currencies.
Fig 2 – Currencies
18-03-2025 19-03-2025 Change, % EUR/USD (1 EUR / USD) 1.0945 1.0903 (0.4) GBP/USD (1 GBP / USD) 1.3001 1.3003 0 USD/JPY (JPY / 1 USD) 149.27 148.69 0.4 USD/INR (INR / 1 USD) 86.57 86.44 0.1 USD/CNY (CNY / 1 USD) 7.2256 7.2294 (0.1) DXY Index 103.24 103.43 0.2 Source: Bloomberg, Bank of Baroda Research
Note: Figures in brackets indicate depreciation against the dollar
US 10Y yield fell the most by 4bps as Fed projections showed two rate cuts in CY25. 10Y yield in UK, Germany and China, traded in a thin range, in absence of fresh cues. Japan’s 10Y yield inched up a tad ahead of US Fed policy meet, eyeing the interest rate differential between the two economies. India’s 10Y yield fell marginally by 1bps and is trading at 6.65%, today.
Fig 3 – Bond 10Y yield
18-03-2025 19-03-2025 Change, bps US 4.28 4.24 (4) UK 4.64 4.63 (1) Germany 2.81 2.80 (1) Japan 1.51 1.52 1 China 1.89 1.88 (1) India 6.67 6.66 (1) Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
18-03-2025 19-03-2025 Change, bps Tbill-91 days 6.56 6.48 (8) Tbill-182 days 6.60 6.59 (1) Tbill-364 days 6.56 6.53 (3) G-Sec 2Y 6.54 6.53 (1) India OIS-2M 6.33 6.33 0 India OIS-9M 6.12 6.11 (1) SONIA int rate benchmark 4.45 4.45 0 US SOFR 4.32 4.31 (1) Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
18-03-2025 19-03-2025 Change (Rs tn) Net Liquidity (-deficit/+surplus) (2.3) (2.3) 0 Reverse Repo 0 0 0 Repo* 2.3 2.2 (0.1) Source: RBI, Bank of Baroda Research, *Includes LTRO
Fig 6 – Capital market flows
17-03-2025 18-03-2025 Change (US$ mn/Rs cr) FII (US$ mn) (153.1) 217.6 370.7 Debt 274.0 135.6 (138.4) Equity (427.2) 82.0 509.1 Mutual funds (Rs cr) (3,039.5) 2,632.0 5,671.6 Debt (3,535.9) (1,935.7) 1,600.2 Equity 496.3 4,567.7 4,071.4 Source: Bloomberg, Bank of Baroda Research
Note: Mutual Fund data as of 13 Mar and 17 Mar 2025
Oil prices rose on higher-than-expected drawdown in US inventories.
Fig 7 – Commodities
18-03-2025 19-03-2025 Change, % Brent crude (US$/bbl) 70.6 70.8 0.3 Gold (US$/ Troy Ounce) 3034.7 3047.8 0.4 Copper (US$/ MT) 9852.8 9951.8 1.0 Zinc (US$/MT) 2932.8 2891.2 (1.4) Aluminium (US$/MT) 2654.5 2671.0 0.6 Source: Bloomberg, Bank of Baroda Research
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21 Mar 2025
Global markets again turned jittery as the US tariff deadline is approaching. President Trump again confirmed that reciprocal tariffs and sector specific tariffs will be imposed from 2 nd Apr. In another development, to reduce dependence on imports of critical minerals, US President is invoking emergency powers to provide a thrust to domestic production. On macro front, US jobless claims have inched up slightly (223K over last week’s 220k) albeit lower than expectations (224K). However, continued claims remained elevated which shows some loss of momentum in labour market conditions. In UK, average weekly earnings softened (3month/YoY at 5.8% from 6% earlier). BoE held rates steady being cautious of evolving geopolitical scenario. On domestic front, EPFO data showed 17.9 lakh net members were added during Jan’25 and the dominance has been of 18-25 age group.
Except India, stocks elsewhere ended lower. US stocks ended weaker as investors digested comments from Fed Chair amidst the ongoing tariff turmoil. Hang Seng ended sharply lower as the tech driven rally took a breather. Indian stocks noted 4th straight day of gains, with the Sensex rising by 1.2%. It is trading further higher today, while other Asian stocks are trading mixed.
Fig 1 – Stock markets
19-03-2025 20-03-2025 Change, % Dow Jones 41,965 41,953 (0.0) S & P 500 5,675 5,663 (0.2) FTSE 8,707 8,702 (0.1) Nikkei 37,845 37,752 (0.2) Hang Seng 24,771 24,220 (2.2) Shanghai Comp 3,426 3,409 (0.5) Sensex 75,449 76,348 1.2 Nifty 22,908 23,191 1.2 Source: Bloomberg, Bank of Baroda Research
Except INR, other global currencies declined against a stronger dollar. DXY rose by 0.4% on Fed rate outlook. GBP declined after BoE kept rates on hold and suggested that future rate cuts remain uncertain. INR appreciated. It is trading further stronger today, while other Asian currencies are trading mixed.
Fig 2 – Currencies
19-03-2025 20-03-2025 Change, % EUR/USD (1 EUR / USD) 1.0903 1.0851 (0.5) GBP/USD (1 GBP / USD) 1.3003 1.2967 (0.3) USD/JPY (JPY / 1 USD) 148.69 148.78 (0.1) USD/INR (INR / 1 USD) 86.44 86.37 0.1 USD/CNY (CNY / 1 USD) 7.2294 7.2493 (0.3) DXY Index 103.43 103.85 0.4 Source: Bloomberg, Bank of Baroda Research
Note: Figures in brackets indicate depreciation against the dollar
China’s 10Y yield fell by 4bps supported by PBOC’s move to step-up short-term funding support. Germany’s 10Y yield fell by 2bps as markets have already priced in additional supply of papers for defence spending. UK’s 10Y yield inched a tad eyeing BoE policy. India’s 10Y yield fell by 2bps and is trading lower at 6.62%, today, as expectations of rate cut by RBI are getting built in.
Fig 3 – Bond 10Y yield
19-03-2025 20-03-2025 Change, bps US 4.24 4.24 (1) UK 4.63 4.65 1 Germany 2.80 2.78 (2) Japan 1.52 1.52 0 China 1.88 1.84 (4) India 6.66 6.64 (2) Source: Bloomberg, Bank of Baroda Research
Fig 4 – Short term rates
19-03-2025 20-03-2025 Change, bps Tbill-91 days 6.48 6.47 (1) Tbill-182 days 6.59 6.56 (3) Tbill-364 days 6.53 6.50 (3) G-Sec 2Y 6.53 6.50 (3) India OIS-2M 6.33 6.34 1 India OIS-9M 6.11 6.10 (1) SONIA int rate benchmark 4.45 4.46 0 US SOFR 4.31 4.29 (2) Source: Bloomberg, Bank of Baroda Research
Fig 5 – Liquidity
19-03-2025 20-03-2025 Change (Rs tn) Net Liquidity (-deficit/+surplus) (2.3) (2.3) 0 Reverse Repo 0 0 0 Repo* 2.2 2.2 0 Source: RBI, Bank of Baroda Research, *Includes LTRO
Fig 6 – Capital market flows
18-03-2025 19-03-2025 Change (US$ mn/Rs cr) FII (US$ mn) 217.6 446.5 228.9 Debt 135.6 565.7 430.1 Equity 82.0 (119.2) (201.2) Mutual funds (Rs cr) (3,039.5) 2,632.0 5,671.6 Debt (3,535.9) (1,935.7) 1,600.2 Equity 496.3 4,567.7 4,071.4 Source: Bloomberg, Bank of Baroda Research
Note: Mutual Fund data as of 13 Mar and 17 Mar 2025
Oil prices rose by 1.7% as US announced fresh sanctions on Iranian oil.
Fig 7 – Commodities
19-03-2025 20-03-2025 Change, % Brent crude (US$/bbl) 70.8 72.0 1.7 Gold (US$/ Troy Ounce) 3047.8 3044.9 (0.1) Copper (US$/ MT) 9951.8 9885.4 (0.7) Zinc (US$/MT) 2891.2 2893.9 0.1 Aluminium (US$/MT) 2671.0 2659.5 (0.4) Source: Bloomberg, Bank of Baroda Research
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