From Macquarie:
Global manufacturing PMIs began 2017 at their highest level since 2011, data released today shows. The strong readings suggest the global industrial recovery has further to run, underpinning a bullish view on metals demand in early 2017 and beyond, though rising protectionism is a threat.
It is worth focusing on the US a little more closely. The manufacturing ISM stood at 56.0 in January, up 1.3 points MoM to a two-year high. This stands in stark contrast to a year ago, when the ISM was just 48.2 – indeed over the past 12 months the US has accounted for half the increase in the global manufacturing PMI we calculate.