GOLD

Gold prices were mostly steady in early Asia on Wednesday with attention on the People's Bank of China after the yuan was effectively devalued on Tuesday - though the central bank called it a market-based adjustment. On the Comex division of the New York Mercantile Exchange, gold for December delivery rose 0.03% to $1,108.00 a troy ounce. The Chinese central bank unexpectedly devalued the yuan on Tuesday in an effort to boost exports and jumpstart an economy, which is currently experiencing its slowest level of growth in more than a decade. Since the beginning of June, Chinese equities markets have reportedly lost approximately $2 to $3 trillion in value.

BASE METAL 
LME copper dipped to a record low of USD 5,109/mt overnight and closed at USD 5,148/mt, down USD 151/mt. The PBOC lowered the central parity of RMB:USD by 1.82% August 11, pushing down commodity price. During Asian trading session, the US dollar climbed above 97.60 at one point, up over 0.4%. LME copper prices are expected to move between USD 5,080-5,180/mt during Asian trading session, and SHFE 1510 copper contract prices should move between RMB 38,300-38,900/mt, with spot discounts of RMB 120-50/mt.   
ENERGY
Crude oil prices fell again on Wednesday as China allowed its currency to fall sharply for a second day, triggering concerns over the country's economic health just as oil production hit multi-year highs. A lower yuan erodes Chinese purchasing power for dollar-denominated imports like oil, potentially hitting fuel demand. The Chinese yuan continues to weaken for the second day which could suggest further weakening of oil prices, Singapore-based brokerage Phillip Futures said on Wednesday. OPEC also raised its forecast of oil supplies from non-member countries in 2015, a sign that crude's price collapse is taking longer than expected to hit U.S.