Base Metals Preview: Copper Sees Impressive Jump

7 Nov 2022 , 12:22 AM

Copper soared more than 7% in a single session on supply concerns in Peru. The metal had eased earlier as the US dollar regained strength on the back of Fed massive rate hike coupled with reports of weak data and COVID situation from China. The Caixin China manufacturing Purchasing Managers Index rose to 49.2 in October from 48.1 in the previous month, data from S&P Global showed on Tuesday. Nonetheless, the score has remained below the neutral 50.0 for the third straight month suggesting contraction. Elsewhere, the official counterpart published on Monday also showed that the index dropped to 49.2 from 50.1 in September. The private survey showed further declines in both output and new orders, with Covid-19 a principal factor behind lower client demand and disrupted factory operations. Nonetheless, decreases were only mild and slowed in both cases. Meanwhile, Chinese authorities imposed lockdowns on 600,000 people in the area surrounding the worlds largest iPhone factory, as workers complained of disorderly Covid controls at the facility.Powered by Commodity Insights