Commodities Daily - August 30, 2019
> Oil climbs amid fresh hopes for US-China trade dispute and strengthening backwardation; Hurricane Dorian on the radar. Hurricane Dorian is forecast to reach Florida's Atlantic coast on Monday and could well have a major impact on oil local production, refining and end-user consumption. Today, US personal incomes and spending data is due, as well as the Chicago PMI, Michigan consumer sentiment and the weekly Baker Hughes rig counts. China's government PMIs are due overnight, while early Monday will see the Caixin Chinese manufacturing PMI. This morning, however, markets are drifting lower, and upbeat commentary following yesterday's comments from China's Commerce Ministry would likely help Brent to push above the $61/bbl mark and possibly even on toward $62/bbl.> Gold slides amid improving risk appetite and dollar strengthening. The key development to watch out for today will be whether gold can successfully defend the $1,520/oz mark like yesterday amid rising risk appetite.
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