Commodity Market News :COPPER & CRUDE OIL

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.

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Commodity Market News : GOLD, COPPER & CRUDE OIL

 1. GOLD:  Markets are now eyeing the Fed's next policy meeting on Sept. 16-17 for clues. Gold is trading at 1122 paying little attention to the rally in the equities markets.  The Dow soared as much as 350 points on Tuesday but gold traders seem unaware. Gold prices are still down from about $1,160 an ounce in late August.

2. COPPER: Supportive factors, including the September-October peak demand season, news of cut in copper output and China’s pro-growth measures, will support SHFE copper in near future. Glencore has reduced its production capacity leads to improving sentiment. Copper gained after commodities group Glencore announced plans to shut down loss-making mines to help to reduce a glut of supply that has weighed on prices.

3. CRUDE OIL:  Oil markets remain weak as oversupply keeps biting. On the supply side, recent speculation that some producers were willing to cooperate in cutting output in support of prices was dealt a blow by Russia and Mexico this week, who both said they would not cut.

 On Tuesday, the Organization of the Petroleum Exporting Countries notified Indonesia that the country may rejoin the group as a member when OPEC next meets in December.

Disappointing economic data out of China ignited new stimulus hopes from the Chinese government. That helped buoy markets around the globe and sent many investors back into securities.

Bearish investors scrambled to close out positions by buying futures, but analysts said it was uncertain whether Glencore's move to close some African copper operations for 18 months would create a trend.

"It's probably not enough to see prices go up (substantially), but it certainly supports the market," said Grant Spore, head of metals research at Deutsche Bank in London. "It also ensures that copper is probably not going to fall in the same way that iron ore and met (metallurgical) coal have done."