Broker Arena

March 1, 2016

China Manufacturing PMI disappoints, Oil rebounds after a short dip.

China Manufacturing PMI disappoints, Oil rebounds after a short dip.

Energy prices slightly declined during Asian session in Tuesday as Oil traders are still highly cautious and tend to take profit from short-term rallies. 

WTI futures with April delivery quoting on NYMEX are trading on $33.84 (+0.27%), recoiling from $33.50 support point. Weekly support and resistance levels are $31.07 and $34.69 respectively. 

Brent futures, crude benchmark which is on ICE exchange in London, with may delivery fell half of percent to $36.37 and the difference between WTI and Brent rose to $2.74/bbl.

US Dollar Index showing performance of US currency to its six overseas peers forming a basket dipped 0.12% to $98.16.

On Comex exchange, gold futures with April settlement rose substantially by 0.82% to 1.244.50, reflecting the demand for safe heaven assets will be probably high today. The commodity was as high as 1249.30 today and support level were met on $1212.20 for troy ounce. 

Other precious metal, silver, gained 1.61% advancing closely to $15 level, while Copper futures with march delivery tumbled 1.13% to 2.105 for pound. 

Highly-important indicator for world market today, China manufacturing PMI, dropped to 49.0 points in February comparing to 49.4 reading in January. Analysts estimated the index will shows 49.3 points. Stalling Chinese economy especially manufacturing sector will make it hard for Chinese government to think out measures to extricate the country from Yuan devaluation and intensified stock rout so another spin of selloff on equity markets is expected. 

CSI 300 and ShComp are in temporary rally now with 0.25 and 0.40% gains respectively as of 04:54 GMT. 

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