Copper futures in London and New York trade softer for a second day but remain above recently established support levels, in High Grade at $3.54 a pound and LME at $7850 a ton. The latest weakness once again being driven by the prospect of soft demand in China, the world’s top consumer of metals, after data revealed another monthly drop in China’s manufacturing PMI index. It signalled contraction after falling to 48.8 in May, the lowest reading since last December, while missing estimates of a 49.5 print. It highlights the current challenge industrial metals as well as iron ore is going through as the post-pandemic ... (full story)