Commodity Capsule: Brent crude oil dips; copper slips; gold set for monthly drop
Commodity Capsule: Analysts expect Saudi Arabia to roll over a voluntary oil cut of 1 million barrels per day for the third consecutive month into October, adding to the cuts in place by OPEC+.
Commodity Capsule: China's manufacturing activity contracted for a fifth straight month in August, fueling concerns around recent weak expansion data.
Oil prices are headed for a weekly climb, with US government data showing tighter-than-expected crude supplies, and a military coup in Gabon, raised fears of crude oil supply disruptions.
Analysts expect Saudi Arabia to roll over a voluntary oil cut of 1 million barrels per day for the third consecutive month into October, adding to the cuts in place by OPEC+.
Meanwhile, the US government has revised down GDP increase to 2.1 per cent last quarter, from the 2.4 per cent pace reported last month.
Data released on Wednesday showed private payroll growth slowed significantly in August.
LME copper set for first monthly fall since May
Copper prices in London fell on Thursday and were on track for the first monthly decline since May on tepid consumption amid slowing economic growth in China.
LME copper, on a monthly basis, was down 4.3 per cent.
China's manufacturing activity contracted for the fifth straight month in August, extending a streak of weak macroeconomic data, weighing on metal prices.
Chinese Govt is continuing to provide support to shore up economic growth amid soft demand both at home and abroad.
Gold set for monthly drop as recent gains in US yields, and the dollar weigh
Gold largely range bound and hovering at a month's high, as a fresh set of soft US economic data added to expectations that the Federal Reserve will pause rate hikes this year.
Bullion is on track for a nearly 1 per cent monthly decline as the US dollar eyes its first monthly rise in three.
US Treasury yields see their fourth consecutive monthly climb having reached 2007 levels last week.
The US economy grew at a slightly less brisk pace than initially thought in the second quarter.
Investors are now awaiting PCE inflation data and the non-farm payrolls report.
Fed can end its interest rate hiking cycle if the labor market and economic growth continue to slow at the current gradual pace, the former president of the Boston Fed said on Wednesday.
Chicago soybean is headed toward their biggest monthly gain since February 2022
Oilseed is supported by strong US export demand and fears of dry weather conditions damaging the crop at the key development stage.
Corn and wheat were on track to end August lower, with wheat set for its biggest monthly loss since last November amid plentiful global supply.
White sugar prices rose to a 12-year high on Wednesday, buoyed by the prospect of tightening supplies as dry weather threatens to curb production in India and Thailand.
India is on track for its lowest monsoon rains in eight years and is expected to ban mills from exporting sugar in the coming season starting in October.
Catch latest stock market updates here. For all other news related to business, politics, tech, sports and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Senior Citizen Latest FD Rates: Know what major banks like SBI, PNB, Canara Bank, HDFC Bank, ICICI Bank are providing on fixed deposits
Gratuity Calculator: Rs 38,000 as last-drawn basic salary, 5 years and 5 months of service; what will be gratuity amount?
Top 5 Small Cap Mutual Funds with best SIP returns in 1 year: See how Rs 25,000 monthly investment has grown in each scheme
Top 7 SBI Mutual Funds With Best SIP Returns in 1 Year: Rs 25,000 monthly SIP investment in No.1 fund has jumped to Rs 3,58,404
04:15 PM IST