Commodity Market Face: Today 2nd Sept 2015
The China's official manufacturing Purchasing Managers Index (PMI) fell to 49.7 in August from 50.0 in July; The US Institute for Supply Management (ISM) index of national factory activity fell to 51.1 from 52.7.
We have ADP employment change, non farm productivity and factory orders, which are likely to have mixed impact on the market.Overall, gold is expected to be volatile in range.
In crude oil front, some economies are seeking OPEC’s help in discussing their production levels. Market is also having an eye on the upcoming STEO release, which is scheduled on 8th Sept.
Metals pressurized from their Friday’s high and closed on a marginally negative side. One of the key factors for the downside trend in the metals was the weak manufacturing data from China. Downside equity market movement might be supporting for commodity segment in first half trading session.
