The three-month prices of base metals traded on the London Metal Exchange were up during the morning session on Wednesday August 5, buoyed by expansionary global manufacturing data, which has given renewed hopes of stronger metals demand.
China's Caixin services purchasing managers' index (PMI) remains over 50, indicating expansion, despite dropping to 54.1 in July from 58 previously while the JP Morgan global manufacturing PMI rose to a six-month high of 50.3 in July, up from 47.9 in June. Many analysts stipulate that, with an increasing number of key global manufacturing PMIs now above 50, if current growth rates in manufacturing are sustained, it will be bullish for LME base metals prices. "Put basically if you read the news, you will find bullish and bearish arguments all over the place and the global marketplace does seem to have developed a very short-term view when it comes to...