LME base metal futures prices largely down despite positive PMI data

Base metal futures on the London Metal Exchange were largely down at the 5pm close of trading on Tuesday November 23, despite strong macro-economic data.

The Purchase Managers’ Indices (PMIs) for the United States, UK and Eurozone all performed above forecast expectations, with economies and outputs continuing to expand. But the data also revealed that the manufacturing sector continued to struggle in the face of labor and material shortages, with prices increasing. US manufacturing PMI was up to 59.1, from 58.4 in October, and the Eurozone PMI was at 58.6, up from 58.3 in October. “We continue to see global headline inventories in the base metals near their annual lows. All metals are still running backwardations in their nearby spreads, which suggests persistent tightness,” Fastmarkets analyst...


Callum Perry

November 23, 2021

18:28 GMT