SHANGHAI, Sept. 14(SMM) – Last Friday, both dollar and crude oil prices posted a drop and base metals fluctuated as a whole. US August PPI fell back from July, meaning that growth in US inflation remained weak with a fall in fuel cost. The flash data of University of Michigan’s CCI for September came in at 85.7, the lowest since September and below the expected 91.1. US dollar was thus weighed down.
News reported that the OPEC will not cut crude oil production despite the current forecast for oil prices much lower than before. Also, the OPEC expected that supply & demand for crude oil will balance next year and then oil prices will rebound. Hence, crude oil prices will stay weak for the following six months. This drove down crude oil prices.
China’s Jan.-Aug. investment in real estate totaled RMB 6,106. 3 billion, up 3.5% YoY but slipping 0.8 percentage point from Jan.-Jul. Inventories of commodity houses remain huge, dragging down new demand for investment.
US dollar index dropped 0.35% and US crude oil prices slumped 2.05% to 45.29. US stocks all increased but most European stocks fell back.