COMEX Copper pulls back from four month high
03-Oct-2024
17:29
COMEX Copper pulled back from four month high, breaking under $4.60 per pound. The metal currently trades down 1% at $4.59 per pound. Demand conditions also remain tentative. At 48.8 in September, the J.P.Morgan Global Manufacturing PMI ' a composite index produced by J.P.Morgan and S&P Global Market Intelligence in association with ISM and IFPSM ' showed deterioration in overall operating conditions for the third successive month. Albeit remaining modest, the rate of decline was the fastest in almost a year (since October 2023). Four of the five PMI components were at levels consistent with contraction in September, as output, new orders, employment and stocks of purchases all fell. Only the (inverted) suppliers' delivery times index made a positive contribution to the headline PMI. Manufacturing production decreased for the first time in the year-so-far, as companies scaled back output in response to reduced intakes of new business.
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