OPEC stated in a monthly update that its base metal index declined for a second consecutive month in December, falling by 1.5%, m-o-m. Metal prices were mixed in December amid mounting pressure from a stronger US dollar, a slowdown in China’s exports and a retraction in global industrial activity. The global manufacturing PMI fell below expansionary territory in December, after trending upwards for two consecutive months, to 49.6, down from 50.0 in November, a 0.9% decline, m-o-m. Compared with the same period last year, the base metal index was up by 9.5%, y-o-y. At the London Metal Exchange (LME) warehouses, combined stocks of base metals rose for a second consecutive month in December, albeit the increase was marginal. Stocks were up by 0.2%, m-o-m, and were up by 53.9%, y-o-y.

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