Gold prices eased on Tuesday in Asia as China reported a larger trade surplus that expected though imports slumped, possibly signalling room to ease monetary policy further. On Friday, gold dropped $3.10, or 0.28%, after mixed U.S. payrolls data failed to quell uncertainty over the prospect of a near-term interest rate hike from the Federal Reserve. The jobs report failed to provide much clarity on when the Federal Reserve will decide to raise short term interest rates. The timing of a Fed rate hike has been a constant source of debate in the markets in recent months.

Base metal prices on the SHFE are expected to remain under downward pressures on Sept. 8, Shanghai Metals Market foresees. LME copper once tested resistance at USD 5,200/mt on Monday in response to copper production cut by Glencore. But later LME copper fell back due to exit of longs, to close up USD 27/mt at USD 5,135/mt.  LME copper is expected to move in USD 5,120-5,200/mt during Asian trading hours. SHFE 1511 copper suffers pressure and should range between RMB 39,200-39,600/mt on Sept. 8. Chinese spot copper will trade RMB 20-60/mt below SHFE 1509 copper.

Crude oil prices plummeted on Tuesday in Asia as China reported disappointing export and import figures from August with incoming goods such as oil getting hit hard. Crude oil for delivery in October on the New York Mercantile Exchange dropped 3.40% to $44.49 a barrel. In China. August exports fell 6.1%, a tad more than the 6% seen and imports slumped 14.3%, compared to an expected 8.2% drop. The trade surplus came in at $60.24 billion, better than the $48.2 billion seen.