3 April 2024 – The Caixin PMI has risen for the fifth month in a row, reaching its highest level in almost a year. The Chinese economy is in a good mood. LME copper stocks have fallen by almost 33% since January. New trouble for Mrs von der Leyen: European harbour workers are up in arms over the EU’s green plans.
Positive mood in China: Caixin PMI rises to highest level in ten months
Chinese economy remains positive. The Caixin China General Manufacturing PMI (S&P Global) has developed positively for the fifth month in a row and the Caixin has risen to its highest level in ten months at 51.1 points. This indicates a further recovery in the Chinese economy, which can also look forward to a significant increase in orders from abroad.
Copper, nickel and aluminium prices on the LME rise
With regard to raw materials, a significant decline in inventories can be observed, particularly for copper, which is considered an important economic indicator. Since the beginning of January 2024 until the beginning of April, copper stocks on the LME have fallen by almost 33%. Copper futures closed yesterday (Tuesday) at more than $9,000/MT and have thus risen in price by around 5.7% since the start of the year. At the same time, nickel prices also rose (+2.15%) and aluminium closed at its highest level since the beginning of January.
EU faces growing headwind over Green Deal
The EU Green Deal is not only being criticised abroad for being nothing more than a misguided market protection measure, anger at the decarbonisation plans from Brussels is also growing within the EU.
Harbour workers in Spain protest against EU plans
Dockers in Spain are planning to walk off the job today to protest against the EU Green Deal in front of the European Union branch in Algeciras. They see their jobs threatened by the EU measures.
Thorsten Gerber, CEO of the Gerber Group, said today with a view to Brussels: “This is what happens when you don’t think things through to the end, Ursula.”
Protesting farmers recently forced the EU to give in on environmental regulations by burning bales of hay in the streets of Brussels. It remains to be seen whether the European harbour workers will resort to similarly drastic measures.
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