SHANGHAI, Aug. 8 (SMM) – China’s July trade data, US JOLTs in June and content of meeting held by some OPEC and non-OPEC countries in United Arab Emirates will be eyed today. The US dollar fluctuated narrowly overnight, and may rise further except for significantly negative news. Ferrous metals surged. Base metals rose across the board, especially aluminum prices, and may have upward room.
US non-farm employment topped market expectations in July, and unemployment fell further. So, US JOLTs in June may fall, which will boost the US dollar.
Global oil producing countries have made efforts to ease oversupply and reached a deal last year on output cut issue. The reason why some oil producing countries did not cut output was discussed at the meeting held by some OPEC and non-OPEC countries in United Arab Emirates. Those countries which failed to obey output cut will face great pressure. The meeting will impact oil prices.