Copper prints three-day downtrend around $3.40 on China-inspired fears, firmer DXY – by anilpanchal7 Copper China Fed PMI Coronavirus
$3.4030 by the press time. In doing so, the red metal justifies the market’s risk-off mood, as well as the firmer US dollar, ahead of the key central bank meetings.
On the other hand, China’s official NBS Manufacturing PMI for October dropped to 49.2 versus 50.0 expected and 50.1 prior. Further, the Non-Manufacturing PMI also slumped to 48.7 compared to 51.9 market forecasts and 50.6 previous readings. “China's factory activity unexpectedly fell in October, an official survey showed on Monday, weighed by softening global demand and strict COVID-19 restrictions, which hit production,” said Reuters following the data.
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