This Morning
The Chinese manufacturing PMI numbers are closely watched by commodity investors and the major commodity indexes advanced in early trading on Monday. In Shanghai, SHFE copper settled 1.3% higher this morning while SHFE nickel and zinc advanced 1.5 percent. In London, LME 3-mo. copper traded as high as $6,545/mt in early trading while 3-mo. aluminum improved to $1,930/mt this morning. In New York, NYMEX crude oil futures were up around $60.70 per barrel this morning. Reuters reports, “Oil prices rose on Monday, adding to gains in the first quarter when the major benchmarks posted their biggest increases in nearly a decade, as concerns about supplies outweigh fears of a slowing global economy.” In foreign exchange trading the dollar slipped in early trading with the euro buying $1.124 while the British pound edged up to $1.307.