The prices of most commodities rose this week. Another set of strong manufacturing PMIs in China supported industrial metals prices whilst a flare-up in tensions between the US and North Korea boosted demand for precious metals. In contrast, oil prices fell as Hurricane Harvey severely disrupted US refineries.
Next week will be relatively quiet in terms of data releases. US markets will be closed on Monday for Labour Day. On Thursday, the ECB is likely to leave its benchmark interest rate unchanged. The recent appreciation of the euro means that the central bank will probably delay the formal announcement of asset purchase tapering until October. On Friday, China’s trade data will give us some indication of the strength of commodities demand in August.
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