Global Economy Expands Solidly Despite Regional Challenges

The global economy continues to expand solidly despite facing challenges in various regions. The US factory PMIs came in slightly better than expected, showing a good expansion with stronger new order flows and prices increasing at a slower pace.

In contrast, China's official factory PMIs turned down into contraction territory, while the private S&P Global version showed a sector slipping in July from June but still not contracting. India's July factory PMI is expanding at a solid pace, but has now slipped to its lowest in five years.

The copper price is rising again, making another tilt at record highs reached in May and June this year. It is now back up at US$14,330/tonne, just -2% below that record peak.