COMEX Copper futures hit two month high, hitting above $4.30 per pound mark as an impressive rebound continued for the metal in New Year after it dipped near $4 per ounce mark at the start of 2024. However, gains were capped amid broad worries over global manufacturing and choppy equities. The global manufacturing sector fell back into contraction at the end of 2024, with output and new orders declining in December following slight increases. Regional variations were again marked, with business conditions affected by the possibility of US tariffs being imposed in the coming year. The J.P.Morgan Global Manufacturing PMI ' a composite index produced by J.P.Morgan and S&P Global Market Intelligence in association with ISM and IFPSM ' posted 49.6 in December, down from 50.0 in November. Although the rate of deterioration signalled by the latest figure was only modest, this was the fifth decline during the past six months. Four out of five PMI components (output, new orders, employment and stocks of purchases) were at levels consistent with a deterioration in overall operating conditions.

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