PRESSEMITTEILUNGEN
Copper remains on the charge as industrial metals shine bright
Thursday 10th December '20
The Bloomberg Industrial Metals Subindex is up around 12.5% since the start of November as positive risk sentiment in equity markets from vaccine news permeated across to cyclical commodities. Ongoing weakness in the US dollar and improving economic data – particularly from China – are also key factors driving the industrial metals basket. Copper prices made further gains of over 15% since the start of November continuing their charge from recent months on account of strong fundamentals. Copper has benefitted this year not just from Covid-related supply disruption, but strong demand from China. China’s manufacturing Purchasing Managers’ Index (PMI) has continued to improve over the fourth quarter signalling a robust recovery for the world’s second-largest economy. New export orders PMI also presents an encouraging picture for the economy as it has continued to improve after it started signalling an expansion in activity in September – for the first time this year. This points to an improvement in the global economy – which is as important for China as the state of its domestic economy.