Analysts at ANZ explained that commodities were mixed, as investors remained on the sidelines ahead of the FOMC’s Jackson Hole symposium. Oil’s volatile ride continued, with comments from Iran’s oil minister suggesting they will join talks on a production freeze next month. Base metals came under some selling pressure on weaker fundamentals.
Key Quotes:
"Copper inventories held on the LME have risen 25% over the past four days. This comes as trade data showed copper imports in July into China were at their lowest level in 17 months. Gold remained subdued as investors await Friday’s Jackson Hole speech by Fed Chair Yellen.
China’s gold imports from HK eased back from recent highs as high prices deterred buyers. Net imports fell to 62.1t in July, down 10% from June. Iron ore treaded water, despite a fall in futures prices in China. The country’s steel association said steel output would probably fall in 2016 as domestic demand falls."
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