Commodity Market Update

Advisory Bazaar Info Services

🔹 Metals Market:

China’s base metals traded mixed at midday. SHFE Copper was flat at 109,110 yuan/mt, while Aluminum rose 0.06%, Lead gained 0.74% and Zinc advanced 0.97%. Tin and Nickel edged lower.

Ferrous metals were mostly weak. Iron Ore rose 1.45%, while Rebar fell 0.32% and HRC declined 0.41%. Coking Coal dropped 3.23% and Coke fell 2.81%.

LME metals also traded mixed. Copper declined 0.06%, Aluminum fell 0.15% and Nickel slipped 0.33%, while Lead and Zinc gained 0.37% and 0.20%, respectively.

🔹 Precious Metals:

COMEX Gold fell 0.51% and Silver declined 0.38%. SHFE Gold dropped 1.75%, while Silver fell 1.61%.

🔹 Copper Spot:

Guangdong #1 Copper Cathode averaged 109,955 yuan/mt, down 65 yuan/mt from the previous trading day. Regional inventories increased after the weekend, mainly due to higher arrivals.

🔹 Dollar & Fed:

The US Dollar Index rose 0.04% to 99.19. CME FedWatch currently indicates a 58.3% probability of a 25-bps Fed rate hike in September. Markets are now focused on the US August CPI data due on September 11.

🔹 Crude Oil:

WTI rose 0.64% and Brent gained 0.57% amid heightened concerns over potential supply disruptions due to ongoing US-Iran tensions. Goldman Sachs said crude could rise toward $120/barrel if Middle East shipping disruptions intensify, while prices could fall toward $80/barrel if regional exports normalize.

🔹 US Market Holiday:

The NYSE and Toronto Stock Exchange are closed today, September 7, for Labor Day. Trading hours for several CME and ICE contracts will also be shortened.