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PMI readings bode ill for commodities demand

The global manufacturing PMI fell back in April. Admittedly, it was a sharp drop in China’s PMI that weighed on the global aggregate, but there are warning signs in the PMIs of most of the major advanced and emerging economies. While supply constraints may keep commodity prices elevated for some time yet, we think subdued demand will weigh on most prices later this year and in 2023.

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