TODAY COMMODITY NEWS - 16 Sep 2016

PRECIOUS METALS

Gold prices rebounded mildly in Asia on Friday as investors squared positions ahead of next week's two-day Fed meet widely expected to keep interest rates steady. Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.14% to $1,319.90 a troy ounce.According to Investing.com's Fed Rate Monitor Tool, investors are pricing in just a 12% chance of a rate hike at the Fed's September 20-21 meeting. Gold is sensitive to moves in U.S. rates. A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.The Commerce Department said that retail sales dropped 0.3% from the prior month, compared to the forecast for a decline of 0.1%. Core retail sales, which excludes automobile sales, unexpectedly fell by a seasonally adjusted 0.1% in August, compared to forecasts for an advance of 0.2%.

BASE METALS

Copper drifted down 5 points after a significant rally this week and is trading at 2.15 after falling as low as 2.07. Yesterday copper has hit a three-week high, lifting European mining shares, as the US dollar falls and recent economic indicators in top consumer China point to brighter demand prospects.The US dollar fell versus a currency basket as expectations that the US Federal Reserve will raise interest rates next week receded. A weaker US dollar makes dollar-priced commodities like copper cheaper for non-US investors. China's factory output and retail sales increased faster than expected in August, with growth supported by a strong housing market and government infrastructure spending.

ENERGIES

Crude prices held weaker on Friday in Asia as rig count data in the U.S. is due later in the day with investors watching to see if activity continues to show gains. Crude oil for October delivery on the New York Mercantile Exchange fell 0.57% to $43.66 a barrel.  On Thursday, as a planned resumption of oil exports by Libya and Nigeria added to concerns over a global supply glut.The Organization of the Petroleum Exporting Countries, led by Saudi Arabia and other big Middle East crude exporters, will meet non-OPEC producers led by Russia at informal talks in Algeria between September 26 and 28.

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