Commodity Overnight Update

Advisory Bazaar Info Services

Metals Market

Global metals traded mixed overnight. On the SHFE, copper declined 0.18%, nickel slipped 0.24%, while zinc gained 0.64% and tin rose 0.72%. In the ferrous segment, iron ore fell 2.85%, rebar lost 0.83%, HRC declined 0.74%, and coking coal and coke also closed lower. Stainless steel edged up 0.17%.

On the LME, most base metals ended higher. Copper rose 0.03%, aluminum gained 0.06%, and zinc advanced 0.84%, while lead and nickel posted modest losses. COMEX gold fell 1.49% and silver declined 2.10%.

China Market Update

China’s State Council reiterated its commitment to supporting economic growth in the second half of the year through stronger policy implementation, higher domestic demand, and accelerated infrastructure investment. Meanwhile, regulators intensified quality and safety inspections at major automobile manufacturers, and the CSRC approved the launch of coke options on the Dalian Commodity Exchange.

US Dollar & Fed

The US Dollar Index slipped 0.20% to 99.78. Despite the Federal Reserve keeping interest rates unchanged this week, several policymakers maintained a hawkish stance, supporting future rate hikes if inflation remains persistent. Markets are now focused on the September FOMC meeting.

Crude Oil

Crude oil prices surged as geopolitical tensions in the Middle East intensified and vessel traffic through the Strait of Hormuz declined sharply, raising concerns over global oil supply. WTI crude gained 3.84%, while Brent crude advanced 4.79%.

Key Events Next Week

Markets will closely monitor China and US Manufacturing PMI, US Non-Farm Payrolls (NFP), Unemployment Rate, ADP Employment, JOLTS Job Openings, China’s CPI and PPI inflation data, trade figures, and other major global economic indicators.