Manufacturers using copper worldwide saw a slight deterioration in business conditions during April.
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Activity and new orders fell again and employment recorded a renewed decline.
As such, selling prices were broadly flat while input costs increased at a cooler pace.
The seasonally adjusted Global Copper Users Purchasing Managers Index (PMI) fell slightly from 49.1 in March to 49.0 in April.
The latest reading pointed to a marginal deterioration in operating conditions that was fractionally quicker than in the previous month but softer than seen earlier this year.
Furthermore, it marked the fifth successive month of decline.
Contributing to this was another fall in production at global copper users.
That said, the rate of contraction was the least marked since last November, aided a softer drop at Asian users and faster growth at users in the USA.
Key to the drop in activity in April was another fall in new orders, according to panellists.
Latest data indicated a moderate decline, driven the sharpest drop in demand from foreign markets for six-and-a-half years.
Companies noting a downturn in overall sales attributed this to weaker economic conditions, in part impacted by the trade war between USA and China.
In addition, firms continued to report weak order book volumes from the automotive industry.
April data signalled a renewed fall in employment at global copper users.
Notably, European users reported a second consecutive decline that was the most marked since January 2013.
On the supply side, global manufacturers reduced purchasing quantities for the fifth month running.
The rate of contraction was also quicker than in the previous month.
As a result, stocks of inputs fell further, while lower output led to a drop in stocks of finished goods.
At the same time, lead times increased at the softest rate in nearly six years.
This was due to a higher proportion of firms noting an improvement to supplier performance.
Output charges were broadly unchanged in April, due to a continuing decline in sales.
Concurrently, input costs increased at the softest rate in the 37-month sequence of inflation, with many panellists noting a fall in raw material costs. ■