a few numbers around

The world avoided any calamities over the weekend, there are signs a cease fire in eastern Ukraine could lead to that conflict moving towards negotiations, the situation remains volatile in the summer heat. While in Iraq the Sunni ISIS continue to make gains as the initial momentum (shock and awe) has subsided. These factors remain supportive to the metals it was economic news that provided the boost. The preliminary Jne PMI data have swung in favour of Asia while Europe slows; manufacturing crossed the divide in Japan 51.1 (May 49.9) and HSBC China 50.8 (49.4)  while in Europe the contractions gather pace in France manufacturing 47.8 (May 49.6) and services 48.2 (49.1) as expansions slowed Germany 52.4 (52.3) and services 54.8 (56.0) and the Euroland 51.9 (52.2) for manufacturing and services 52.8 (53.2).

All this and a slip in the US$ was supportive of metal prices at the start of the week. In China the recovery in PMI and on-going uncertainty with metal in the port of Qingdao are adding to the buyers support list. The May Chinese refined metal imports saw cu rise 22% to 282 kt yoy up 49%; while ni fell 7.7% to 10,212 tonnes yoy off 13% and zn down 12% at 48,711 tonnes but up 27.4% yoy. Then take pb refined imports this year are down 80.5% at 94 tonnes. In a not too hectic day the metals pushed on.

The US May existing home sales rose 4.9% to 4.89 million units (Apr 1.3% at 4.65 mill units). The May Chicago Fed national activity index was positive 0.12 (-0.15).