SHANGHAI, Sept. 17 (SMM) – Commodity prices and global stocks grew across the board overnight. China’s A-shares rebounded on Wednesday following two days’ slip. SSE Composite Index finished up 4.89%, the largest single-day rise in 3 weeks. The Shenzhen Composite Index ended up 6.45% and Growth Enterprise Market (GEM) Index closed up 7.16%, its largest single-day growth. Over two thousand stocks hit upside daily limit. IC 500 forward contracts all rose to daily limit.
Crude oil prices surged. API crude oil stocks dropped 3.1 million bbl unexpectedly last week. EIA data showed that crude oil stocks fell 2.1 million bbl last week. WTI crude oil for October delivery ended up 5.74%, the highest closing price since Aug. 31. Brent crude oil futures also ended up 4.19%, the highest closing price since Sept. 3.
Soft US inflation data slowed its interest rate raise. US August CPI slipped 0.1% from July, inverting to slip for the first time this year, but up 0.2% YoY. Core CPI rose 0.1% MoM, reveling that other goods prices were also anemic even if crude oil and food prices were excluded.
US dollar index fell 0.28% while London gold jumped 1.28%. Except LME aluminum, other LME base metals all increased.