Global Manufacturing PMI at lowest level since October 2012 | Metals Mine

  • Global Manufacturing PMI at lowest level since October 2012

    From markiteconomics.com

    The performance of the global manufacturing sector continued to weaken at the end of the second quarter. Production fell for the first time since October 2012, as new order contracted at the fastest pace for almost seven years. Business optimism slumped to a series-record low. At 49.4 in June, the J.P.Morgan Global Manufacturing PMI – a composite index1 produced by J.P.Morgan and IHS Markit in association with ISM and IFPSM – fell to its lowest level for over six-and-a-half years and posted back-to-back sub-50.0 readings for the first time since the second half of 2012. Later-than-usual release dates meant ... (full story)

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EventsTrader
Jul 1, 2019 6:36pm
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This is not a good sign for copper. US-China trade disputes persist after G20. PBOC stimulus measures won't matter as long as these two important trade partners can't come to an agreement. Both economies will likely suffer. China was already signaling a slowdown. We might see some more decline in copper prices. At least I wouldn't be long copper right now.

Key takeaways:
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China, Japan, Germany, the UK, Taiwan, South Korea, Italy and Russia were among those countries experiencing downturns
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The US, India, Brazil and Australia were some of the larger industrial nations to register an expansion.
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June saw new export business decline for the tenth straight month and at the joint-fastest pace for six years. Among the largest industrial economies covered, declines were registered in the euro area, China and Japan. Increases were seen in the US and India.
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bulltrap
Jul 1, 2019 8:13pm
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Quoting EventsTrader
This is not a good sign for copper. US-China trade disputes persist after G20. PBOC stimulus measures won't matter as long as these two important trade partners can't come to an agreement. Both economies will likely suffer. China was already signaling a slowdown. We might see some more decline in copper prices. At least I wouldn't be long copper right now. Key takeaways: {quote} {quote} {quote}
I agree ET, when global growth starts to pick up there will be plenty of time to get in on copper longs. For now short is the only direction to trade.
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