The metal’s recent rebound could be linked to the fears of more supply crunch as South Korea prepares for a very strong typhoon. Also likely to have triggered the rebound is the cautious optimism in the market after the previous day’s downbeat US jobs report.
Additionally favoring the metal price could be the recent slowdown in the Chinese production of the metal as Beijing pushes factories for emission targets. On the same line are covid-led lockdowns in the key steel-producing regions of China. Earlier in the day, China’s Caixin Services PMI dropped to 55.0 in August, versus 55.5 in prior readings. In doing so, the private activity gauge traced the major PMIs from the dragon nation that recently signaled pessimism for the world’s largest industrial player.
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Source: Digital Coin News (digitalcoinnews.net)
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