China factory activity stalls in May as demand weakens - Reuters
Macro
China's factory PMI stalled in May as domestic and external demand weakened, signaling further deterioration in the world's second-largest manufacturing engine. This sets up a risk-off setup for commodities and industrial supply chains most exposed to Chinese end-demand.
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↓ SHORT-6% target+3% stop2-4 weeks
Short copper-exposed names FCX and VALE as China PMI miss signals demand deterioration with no near-term policy catalyst to offset.