BASE MATELS :- Base metals surged as an upbeat global manufacturing survey and signs the U.S. Federal Reserve is in no rush to end its commodities-friendly stimulus measures offset a stronger dollar. Global manufacturing increased in October at its fastest pace in more than two years, according to JPMorgans Global Manufacturing Purchasing Managers Index. Growth in Chinas services industry edged up, a sign that the economy has stabilized. In the U.S. meanwhile, service-sector business activity picked up in October and firms took on workers, though new order growth slowed for a second straight, an industry report on Tuesday showed. Still, central bankers in the U.S. have stressed there is no need to hurry the Feds scale-back of its asset purchases until the U.S. economy shows clearer signs of improvement. Chinese Premier Li Keqiang sounded a warning on easy credit supply, which he said had topped 100 trillion yuan ($16.4 trillion) in the worlds second-biggest economy and largest consumer of commodities, including copper.
Posted on: Wed, 06 Nov 2013 06:41:37 +0000
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