Chart Beat: Dr Copper’s diagnoses

Higher interest rates usually tame economic growth which is correlated with metals demand. (File Photo: AP)
Higher interest rates usually tame economic growth which is correlated with metals demand. (File Photo: AP)

Summary

  • Health of copper-using industries worldwide continue to deteriorate

Global copper users Purchasing Managers Index (PMI) fell to an 11-month low of 48.2 in October from 49.1 in September, indicating sustained deterioration in the health of global copper-using industries. For the first time since January, all three monitored regions--Asia, Europe, and the US--clocked a drop.

Further, copper-based firms, globally, saw new orders fall at the fastest rate in 2023 so far. Here, Europe registered another rapid contraction, and Asia posted a drop for the first time in nine months. The US saw a slower fall than September's 40-month record, said the PMI report. Amid muted demand prospects, it is not surprising that for the second month running, firms in all three regions chose to keep staffing lower. While the rate of input inflation eased some more, output prices (selling prices) were lackluster in October.

(Graphics: Mint)
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(Graphics: Mint)
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