Morning Bites (part 1)

🌏Global manufacturing PMIs showed negative dynamics in March. The Eurozone Markit Manufacturing PMI fell to 47.1 from 48.5 in February. The US ISM manufacturing PMI also dropped, to 46.3, the lowest since May 2020

🇨🇳 The official NBS Manufacturing PMI in China declined to 51.9 in March from February's near 11-year high of 52.6, but exceeded market estimates of 51.5. China's Caixin manufacturing PMI, however, fell to 50 from 51.6 in February, missing the forecasts of 51.7

❗️The manufacturing sector in the US and Eurozone is contracting, as indicated by PMIs below 50, which is negative for industrial metals demand. Despite the decline, the Chinese PMIs remain positive, reflecting the country’s manufacturing sector condition. Nevertheless, this is a dynamic we intend to closely monitor. Generally, the China PMIs support our view that demand for industrial metals is likely to increase due to the country's post-COVID reopening

#PMIs
https://metals-wire.com:3000/news-reports