Rebound in China’s PMIs likely to be a one-off

We think that the recovery in China’s PMIs in June was driven by the lifting of virus-related restrictions rather than an improvement in underlying economic conditions. Accordingly, we think that softer growth in China’s activity will continue to weigh on the prices of industrial commodities in the coming months. In view of the wider interest, we are also sending this Commodities Update to clients of our Metals Service.

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