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Commodities in Bullish Mode After China’s PMI

September 23, 2014 at 6:51 by Vladimir Vyun

While virtually all markets were in a bear mode yesterday, today they all were bullish. Interestingly enough, the major reason for commodities’ moves both yesterday and today was the same — data from China. The difference in performance between the previous and the current trading sessions can be explained by the simple fact that the actual data turned out to be better than was expected, fueling hopes that the world’s second largest economy will be consuming more raw materials.

The HSBC Flash China Manufacturing Purchasing Managers’ Index rose from 50.2 in August to 50.5 in September. A reading above the neutral level of 50.0 indicates expansion of the sector. Analysts were concerned before the report that the index would fall to the 50.0 level, demonstrating no expansion.

December futures for gold added 0.13 percent to $1,219.50 per troy ounce as of 6:05 GMT on COMEX today. Copper gained 0.64 percent to $3.0580 per pound. November contract for WTI crude oil advanced 0.55 percent to $91.37 per barrel on NYMEX. Futures for delivery of soybeans were up 0.51 percent to $9.43 per bushel on CBoT.

If you have any questions and comments on the commodities today, use the form below to reply.

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