Gold prices rose a tad in Asia on Friday - 30 Sep 2016
Gold prices rose a tad in Asia on Friday after a key manufacturing survey from China came in as expected and investors looked ahead to more remarks from Fed policymakers.The Caixin manufacturing PMI for September came in at 50.1 as expected with holidays in China next week in focus going forward."The readings for the manufacturing PMI over the past three months seem to indicate that the economy has begun to stabilize,"
LME copper will range between USD 4,820-4,860/mt on Friday and SHFE 1611 copper is predicted to move at RMB 37,500-37,800/mt.Caixin’s manufacturing PMI for China in September and inflation data from the US and Europe will be announced today. The night session on the SHFE will be suspended today due to China’s National Day holiday. China’s major economic indicators in August improved across the board. Caixin’s manufacturing PMI in August was around 50, and the figure in September should significantly affect base metals in Shanghai today.
Crude prices showed a mild fall in Asia on Friday after a manufacturing survey from China with details of an OPEC curb on output yet to filter fully through and investors in the near term awaiting rig count data in the U.S.Crude oil for November delivery on the New York Mercantile Exchange fell 0.31% to $47.68 a barrel. Oilfield services provider Baker Hughes said last week that the number of rigs drilling for oil in the U.S. last week rose by 2 to 418, marking the 12th increase in 13 weeks.In Asia, the Caixin manufacturing PMI for September came in at 50.1 as expected with holidays in China next week in focus going forward.