Commodity prices fell this week, partly owing to weaker activity data from China, which weighed on industrial metals prices. In addition, a stronger dollar put some downward pressure on precious metals prices despite a further ratcheting up of tensions between the US and North Korea. Meanwhile, oil prices were relatively stable as OPEC and its allies fulfilled market expectations by extending their output cuts for another nine months, to the end of 2018.
Next week should be quiet. The main event will be November’s Employment Report for the US (Friday) which we expect to show a 200,000 gain in non-farm payrolls. This should keep the pressure on the Fed to raise rates again at its December meeting, which could weigh on the price of gold. China’s November trade data (also on Friday) should tell us more about commodity demand last month.
Become a client to read more
This is premium content that requires an active Capital Economics subscription to view.
Already have an account?
You may already have access to this premium content as part of a paid subscription.
Sign in to read the content in full or get details of how you can access it
Register for free
Sign up for a free account to:
- Unlock additional content
- Register for Capital Economics events
- Receive email updates and economist-curated newsletters
- Request a free trial of our services