FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Quotes from Commerzbank Corporates & Markets:
-Prices of base metals picked up noticeably yesterday thanks to increased risk appetite among market participants, something that was also reflected in firm equity markets. They are continuing their upswing this morning, albeit at a slower pace. The LME base metal index climbed by 1.6% yesterday and has been trending sideways for six weeks now.
-It would thus appear that the previous multi-month downturn has come to an end. Copper stood out yesterday, gaining 2% - at their peak, prices of around $5,850 per ton were even achieved. Chinese traders have returned to the markets this morning after a week-long absence due to the New Year celebrations. This will doubtless mean significantly increased liquidity and activity in the base metal sector again.
-The February Flash Purchasing Managers' Index (PMI) for the manufacturing sector in China which was published by HSBC today shows an improvement in the economic situation in China. Contrary to expectations, it has risen above the 50 mark again, which indicates expansion.
-Previously, the PMI had remained below this threshold for two consecutive months. If the official data likewise indicate a brighter picture and China's economy looks like gathering pace again, this should contribute to increased demand for metals and, ultimately, result in higher prices.
