January 2012 | Base Metals
Latest PMI readings kick off 2012 with something for the bulls and the bears
The manufacturing PMIs showed a welcome rebound in China and India in December, which is an encouraging end to a troubled year and lays the foundation for an optimistic start to 2012. However, weakness persists elsewhere in Asia, and of course in Europe which is where the main focus of concern for the coming year still lies.
The base metals ended 2011 positively and started 2012 in the same way, as year-end short-covering was followed by a boost from China in the form of an encouraging manufacturing PMI reading for December.
However, there is no reason yet to think that investor sentiment in 2012 will have changed, so we still do not believe that any strength in prices will be sustainable. With the Eurozone crisis still looming over financial...
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