On Friday, better than expected Purchasing Managers’ Index figures out of China provided some early support to commodity prices although equity prices at the major exchanges in Europe were down in morning trading. In Shanghai, SHFE Jan copper settled 0.3% higher today and while in London LME 3-mo. copper and aluminum reportedly traded as high as $7,298/mt (=$3.31/lb.) and $1,877/mt (=85 cents/lb.), respectively, this morning despite a firmer dollar. The US Dollar Index was up 0.27% early this morning as the Euro softened to around $1.353 following yesterday’s sell-off. In the U.S. today we’ll get the October PMI report from the Institute for Supply Management and the latest figures on U.S. light vehicle sales a little later in the day, with the consensus forecast for another PMI reading consistent with expansion in the U.S. manufacturing sector…
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