Commodities Comment-May manufacturing PMIs: recession averted but recovery muted

The health of the global manufacturing sector improved for the first time inseven months, according to May’s PMIs, with those of the US, China, theEurozone and Japan all improving. Outright contraction in this importantsector for commodities appears to have been averted, but the recovery islikely to remain muted.

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    Base and precious metal prices swung around on Monday in response toconflicting signals about the US economy, which saw the dollar rally, fall backsharply and then rally again. Against this backdrop some did better thanothers