COMEX Copper futures hit a fresh record high of $4.75 per pound as traders eyed firm demand outlook and DOW hit record highs. MCX Copper also jumped amid these moves, hitting around Rs 790 per kg mark amid a buying frenzy. The global manufacturing upturn strengthened at the start of the second quarter. Production rose at the quickest pace in over a decade, as inflows of new work improved to the greatest extent in nearly 11 years. Pressure on capacity remained elevated, however, with average supplier lead times increasing to a record degree and the rate of growth in work backlogs at manufacturers hitting a 17-year high. The J.P.Morgan Global Manufacturing Purchasing Managers Index or PMI hit 55.8 in April, its best reading since April 2010. Of the 24 nations for which national PMI data were available, 21 saw business conditions improve, compared to only three signalling contractions.
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