Weekly Copper Review: Worries Over Global Manufacturing Conditions To Weigh

8 Oct 2022 , 01:29 PM

The COMEX Copper futures slipped from a three week high as selling pressure in equities and worries over global manufacturing conditions weighed on the red metal. Global business conditions worsened in the manufacturing sector in September, with the JPMorgan Global Manufacturing Purchasing Managers Index (PMI), compiled by S&P Global, dropping below the neutral level of 50.0 for the first time since June 2020. The headline index dropped from 50.3 in August to 49.8 in September. The surveys sub-indices point to the production trend deteriorating in the coming months amid an intensifying downturn in global trade flows, subdued demand linked to the ongoing cost-of-living crisis and growing economic uncertainty about the outlook. One positive came from an easing of supply chain delays, though these in turn were largely the result of cooling demand.Powered by Commodity Insights