Commodity Market News
COPPER:
Chinese Inflation Data Weakens Sparking Stimulus Hopes
Consumer inflation dipped lower than forecast while PPI came in at forecast which was in the negative. PPI was forecast at -5.9%. The low inflation rate has sparked hopes of additional stimulus from the PBOC giving Asian currencies a bump as well as metals.
CRUDE OIL:
Crude Oil Traders Shrug Off Bearish IEA Outlook
Tuesday is shaping up to be a reversal day with several commodity and Forex pairs reversing direction. The moves could represent a clash between oversold technical indicators and ambiguous fundamentals. Or it could be simply trader indecision because of the lack of clarity from the Fed.
Prices broke after the release of a bearish report from the International Energy Agency (IEA). The IEA said the world oil market would remain oversupplied for at least another year despite falls in output from non-OPEC producers.
Chinese Inflation Data Weakens Sparking Stimulus Hopes
Consumer inflation dipped lower than forecast while PPI came in at forecast which was in the negative. PPI was forecast at -5.9%. The low inflation rate has sparked hopes of additional stimulus from the PBOC giving Asian currencies a bump as well as metals.
CRUDE OIL:
Crude Oil Traders Shrug Off Bearish IEA Outlook
Tuesday is shaping up to be a reversal day with several commodity and Forex pairs reversing direction. The moves could represent a clash between oversold technical indicators and ambiguous fundamentals. Or it could be simply trader indecision because of the lack of clarity from the Fed.
Prices broke after the release of a bearish report from the International Energy Agency (IEA). The IEA said the world oil market would remain oversupplied for at least another year despite falls in output from non-OPEC producers.
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