SHANGHAI, Sept. 1 (SMM) – Financial market stayed quiet on Monday. US dollar ended down 0.19%. Crude oil prices rallied by 8% due to exit of shorts and US crude oil posted a largest three-day growth since Aug. 1990. As such, base metal prices rebounded from lows.
Oil output of the OPEC grew to a recent-year high in latest several months despite of falling oil prices. US crude oil production was above 9.6 million bbl per day in Apr. and then slipped 300,000 bbl per day in May and Jun. according to data from EIA. This means that US crude oil output has been curbed by falling oil prices.
US Chicago PMI for Aug. came in at 54.4 with Jul.’s 54.7, a mirror of modest rise in economy of middle and east US. The number of large orders declined while small orders increased. USA Dallas Fed manufacturing business index for Aug. declined 15.8, versus a slid of 4.6 in Jul. Market mainly pays attention to the non-farm payroll numbers this Friday. As such, US dollar moved stably around 96. EUR:USA narrowly ranged around 1.12.
China’s government has decided to abandon attempts to boost the stock market through large-scale share purchases, and will instead intensify efforts to find and punish those suspected of “destabilising the market”, according to senior officials. China’s official manufacturing and non-manufacturing PMI and Caixin manufacturing PMI for August should be closed eyed today.
Spot gold prices held stable while gold futures returned to USD 1,135/Oz, up by 0.11%. LME market was closed.