Commodity Capsule: Gold prices hit two-week high; metals hovers over multi-week; brent crude oil slips

Commodity Capsule: LME, Shanghai copper hit near three-week highs on Thursday, buoyed by hopes of demand picking up as top consumer China is about to enter a traditional peak season.

Low inventory in exchange warehouses lent support, while data from the International Copper Study Group showed firm apparent demand in China in January-June.

China's Yangshan copper premium rose to $48 a ton, the highest since July 7, indicating rising demand for imported copper.

Stagnated economic data from the United States and Europe eased pressure on the U.S. Federal Reserve to raise rates, softening the dollar and providing support.

SHFE lead hit a more than 17-month peak of 16,565 yuan/ton, due to fear of a shortage of readily available inventory that can be delivered against large short positions.

Shanghai iron ore prices hover on a four-week high, and Dalian iron ore is scaling two-year highs near 828 yuan a tonne.

Gold prices hit two-week high as weak PMIs dent dollar, yields

Gold prices rose to a two-week high on Thursday as weaker-than-expected U.S. business activity data spurred bets that the Federal Reserve will have limited headroom to keep raising interest rates.

Prices were up for a fifth straight session, recovering further from a five-month low hit earlier in August as dollar and Treasury yields retreated from recent peaks.

Traders are on the edge ahead of the Jackson Hole Symposium, which begins later in the day and is expected to offer more cues on U.S. monetary policy.

The dollar fell sharply from a two-month high in overnight trade, while Treasury yields fell from multi-decade peaks as PMI data showed that U.S. business activity barely grew in August.

Traders eye the Jackson Hole Symposium, which begins later in the day and is expected to offer more cues on US monetary policy.

Oil down on weak economic data

Oil prices eased for the fourth straight session, on Thursday amid disappointing economic data from key economies.

Investors await a speech by U.S. Federal Reserve Chair Jerome Powell on Friday for cues on interest rates.

Manufacturing data from a host of purchasing managers' index (PMI) surveys painted a grim picture of the health of economies across the globe.

Japan reported shrinking factory activity for a third straight month in August.

Eurozone business activity also declined more than expected. Britain's economy looked set to shrink in the current quarter, in danger of falling into recession.

US business activity approached the stagnation point in August, with growth at its weakest since February.

Federal Reserve officials and policymakers from major central banks are headed to Jackson Hole where higher-for-longer interest rate talk may dominate despite a dip in inflationary pressures.

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