Purchasing Managers’ Index for February 2026

China’s official February PMI print signals renewed growth concerns: manufacturing PMI fell further into contraction at 49.0 (vs 49.3 prior), with broad weakness across the key sub-indices (production 49.6, new orders 48.6, employment 48.0, supplier delivery times 49.1). The main offset was large enterprises, where PMI rose to 51.5 (+1.2ppt), while medium and small firms remained deeply contractionary (47.5 and 44.8). For precious metals, this mix is mildly negative for near-term industrial demand (silver/PGMs) but can be supportive for gold if it strengthens expectations of China policy support and global risk-off. Non-manufacturing improved only marginally, with the business activity index at 49.5 (+0.1ppt) still below 50; construction weakened to 48.2 while services edged up to 49.7. Demand indicators were soft: non-manufacturing new orders fell to 45.2 (services 45.7; construction 42.2). Cost pressures ticked higher as the non-manufacturing input price index rose to 50.9 (+0.9ppt), while sales prices stayed below 50 at 48.8, implying ongoing margin squeeze and limited pricing power. Market implications: the PMI profile (weak orders/employment, sub-50 activity) reinforces the case for additional China easing and targeted support, a setup that typically favors gold on lower real-rate expectations and potential CNY depreciation/risk hedging, while remaining a headwind for silver/platinum on the industrial cycle. Near-term catalysts for PM pricing are the market’s read-through into China credit/fiscal announcements and the next monthly activity/credit data; any follow-through weakness in new orders or construction would likely weigh most on silver and platinum demand expectations. Upside risk to industrial PMs would require a clearer stabilization in orders and construction, not evident in this release. Source note: the article text appears cut off mid-sentence, so additional non-manufacturing details (e.g., remaining price/employment components) may be missing.