Weekly Copper Review: COMEX Copper Slumps To Four Month Low

7 May 2022 , 02:13 PM

COMEX Copper slumped to around four month low under $4.30 per pound on weak manufacturing cues. The beginning of the second quarter (Q2) of this year saw a mild downturn in global manufacturing output, as tighter COVID restrictions in China weighted on production, according to the J.P. Morgan Global manufacturing purchasing managers index (PMI), which fell to 52.2 in April, down from 52.9 in March?its lowest level since August 2020. The April PMI surveys signalled a downturn in worldwide manufacturing production for the first time since June 2020. The index is a composite one produced by J.P. Morgan and S&P Global in association with US-based Institute for Supply Management (ISM) and the International Federation of Purchasing and Supply Management (IFPSM). Rising geopolitical tensions, supply chain disruptions and escalating inflationary pressures also weighed on new order intakes, as growth of new business eased to near-stagnation, J.P. Morgan and S&P Global said in a press release.Powered by Commodity Insights