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Key Macroeconomic Indicators for Base Metal Prices (2015-8-24)
Aug 24,2015 10:53CST
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Source:SMM
With the exception of precious metals, prices of commodity, crude oil and stocks markets dropped across the board last Friday due mainly to concerns over China’s demand.

SHANGHAI, Aug. 24 (SMM) – With the exception of precious metals, prices of commodity, crude oil and stocks markets dropped across the board last Friday due mainly to concerns over China’s demand. Caixin’s flash manufacturing PMI for China in August was 47.1, its lowest since March 2009, and lower than the 48.2 expected and 47.8 in July. This means China’s manufacturing slowed further in Q3.

Crude oil prices closed down 2.11%, falling below USD 40/bbl at one point. The number of drilling wells in the US increased 2 to 674 last week.

Markit’s manufacturing PMI for the US in August was only 52.9, falling short of the 53.8 expected. Eurozone August PMI was better than expected, up to a two-month high of 54.1, meaning eurozone economy has been expanding for the 26th straight month.

China’s basic pensions will unlikely enter the market until 2016.

The US dollar index fell 0.95% to 94.84. London gold prices rose 0.73% to USD 1,160/oz. Global stocks markets dropped across the board.

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