Caixin’s report on Chinese manufacturing PMI released over the weekend indicates China’s manufacturing sector enjoyed the healthiest conditions since July 2018. The unofficial reading on manufacturing PMI in China rose to 50.8 in March, up from 49.9 in February.
The Chinese manufacturing PMI numbers are closely watched by commodity investors and the major commodity indexes advanced in early trading on Monday. In Shanghai, SHFE copper settled 1.3% higher this morning while SHFE nickel and zinc advanced 1.5 percent. In London, LME 3-mo. copper traded as high as $6,545/mt in early trading while 3-mo. aluminum improved to $1,930/mt this morning. In New York, NYMEX crude oil futures were up around $60.70 per barrel this morning. Reuters reports, “Oil prices rose on Monday, adding to gains in the first quarter when the major benchmarks posted their biggest increases in nearly a decade, as concerns about supplies outweigh fears of a slowing global economy.” In foreign exchange trading the dollar slipped in early trading with the euro buying $1.124 while the British pound edged up to $1.307.
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