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With most traders and investors focusing on the US FOMC figures from last night, this morning’s surprisingly impressive HSBC Chinese manufacturing PMI figures have shocked the copper market into gear. The extent of the turnaround is highlighted by the fact that these PMI figures have jumped from an 11-month low to a four-month high. The Chinese economy’s return to growth seems to be tentatively picking up pace, and commodity traders will be feeling a little more confident on the back of this.
Although not as important as the US or China, Germany has also posted some surprisingly good manufacturing PMI figures, and this has added to traders' thinking that we are beginning to see a material increase in global manufacturing figures. What could really bolster this sentiment would be encouraging US new home sales figures, due to be posted tomorrow.
The market has reflected all of these points with an almost 12% improvement in the spot price since copper's June low. Comfortably embedded in a bullish uptrend and backed up with improving economic data, this metal could be set to continue chipping away at previously resistant levels.