COMMODITY UPDATE - 1 Sep 2016

PRECIOUS METALS

Gold prices in Asia gained on Thursday as closely-watched manufacturing PMIs from China showed expansion, aiding sentiment on demand signals across the metals complex.Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.23% to $1,314.45 a troy ounce. Silver futures on the Comex gained 0.53% to $18.807 a troy ounce.

In China, the semi-official CFLP PMI for August came in at 50.4, entering expansion territory and compared to the 49.9 level seen. The non-manufacturing PMI came in at 53.5, a tad weaker than the 53.9 previously. The Caixin manufacturing PMI for August came in at 50, just at expansion, but missing the expected 50.1 level seen and showing a dip from 50.6 the previous month.

BASE METALS

LME copper should range between USD 4,610~4,650/mt on Thursday and SHFE 1610 copper will fluctuate at RMB 36,200~36,550/mt. Diverging trend will strengthen on base metal market on Thursday with eyes on manufacturing PMI for August from China and the US and US July construction spending.

Overnight, US August ADP employment data was upbeat, raising bets for a rate hike by US Fed while market kept cautious attitudes towards the possibility of a rate hike in September.The mixed reading of China’s official and Caixin manufacturing PMI in July boosted confusion in market. Markets expect the official manufacturing PMI to be positive in August and the figure in July may be negatively affected by floods but the poor reading of it reflected poor demand both at home and abroad.

ENERGIES

Crude prices rebounded further in Asia on Thursday as China PMI manufacturing surveys bolstered sentiment on demand prospects.Crude oil for October delivery on the New York Mercantile Exchange rose 0.45% to $44.90 a barrel. On the ICE Futures Exchange in London, Brent oil for November delivery gained 0.17% to $47.09 a barrel.  In China, the semi-official CFLP manufacturing PMI for August came in at 50.4, entering expansion territory and compared to the 49.9 level seen. The non-manufacturing PMI came in at 53.5, a tad weaker than the 53.9 previously. The Caixin manufacturing PMI for August came in at 50, just at expansion, but missing the expected 50.1 level seen and showing a dip from 50.6 the previous month.

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