DAILY COMMODITY MARKET STRATEGY- 5 Sep 2016

PRECIOUS METALS

Gold drifted lower in Asia on Monday with comments from the G-20 summit in China eyed for global coordination on monetary and fiscal policies.

Gold for December delivery on the Comex division of the New York Mercantile Exchange fell 0.12% to $1,326.50 a troy ounce.Coming up this week, the European Central Bank meeting on Thursday will be closely watched for a monetary stimulus to boost inflation and prop up the economy, while the U.S. reports service sector growth in a shortened trading week with the markets shut on Monday for a holiday.

BASE METALS

LME copper should range between USD 4,615-4,655/mt on Monday and SHFE 1611 copper will move at RMB 36,350-36,700/mt.  The market will continue to absorb US August non-farm employment data and the LMCI this week. The European Central Bank will hold interest rate policy for September this Thursday. US financial markets will be closed on Monday due to the Labor Day. Nonferrous metals are expected to strengthen early this week, boosted by zinc.The number of US seasonally adjusted non-farm employment was 151,000, falling short of the 180,000 expected, compared to 255,000 for July. US unemployment rate stabilized at 4.9%. Monthly salaries per hour rose 0.1%, and annualized rate was up 2.4%, both falling short of market expectations.

ENERGIES

Crude prices drifted turned weaker in Asia on Monday in an expected light trading day with the U.S. and Canada on public holidays with comments out of the G-20 summit in China eyed for demand cues. On the New York Mercantile Exchange, crude oil for delivery in October dipped 0.07% to $44.12 a barrel. On the ICE Futures Exchange in London, Brent oil for November delivery dropped 0.81% to $46.45 a barrel.

In the week ahead, oil traders will be focusing on U.S. stockpile data on Wednesday and Thursday for fresh supply-and-demand signals. The reports come out one day later than usual because of Monday's Labor Day holiday.

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