A global growth pick-up ahead?

Copper prices and global manufacturing PMIs have moved in tandem over the past several years. Trade disputes between the U.S. and China (the world’s largest copper consumer) and the slowdown in global economic growth have weighed on PMIs and copper prices. However, recently, the two have been diverging: global growth (and PMIs) continues to slow, but expectations for an end to the US-China trade war and hopes for more stimulative monetary policy have led to a rally in copper prices. The durability of this sentiment-driven rally is yet to be determined.



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