Global: Copper prices are under pressure due to Chinese PMI data

Relevant media on January 20 news: As China's recently released PMI data did not raise investor sentiment, copper prices may be under pressure on Friday. China is the world's largest copper consumer, and its copper consumption accounts for about 40% of global consumption. China HSBC's purchasing managers' index (HSBCFlashPMI) was 48.8 in January. The PMI index is a measure of economic conditions. If the index is lower than 50, it indicates that the economy is shrinking. If it is higher than 50, it represents expansion. With the index still below 50 in January, China’s short-term economic outlook will not have much impetus.

It is reported that this is the third consecutive month that the PMI is below 50, and is the sixth time in seven months. At 11:21 IST time, the price of copper on the Mercantile Exchange of India (MCX) was 425.60 rupees per kilogram. Over time, the impact of China's disappointing PMI on copper prices will emerge.