Gold prices: Gold steadied near $1,160 an ounce on Tuesday as investors kept to the sidelines ahead of a Federal Reserve policy meeting that kicks off later in the session, waiting for clues on the timing of a U.S. rate hike. The data comes ahead of the Fed's two-day policy meet beginning on Tuesday. The U.S. central bank is widely expected to leave rates unchanged but investors are increasingly skeptical that it will raise rates before the end of the year. The Fed holds one more policy meet this year in December.
MCX Copper Tips: LME copper started at USD 5,158/mt overnight and moved higher to USD 5,240/mt thanks to Chinese stock rally. But later LME copper fell back due to stronger dollar and ended at USD 5,188/mt, up by USD 8/mt. Trading volumes fell almost half. LME copper will move in USD 5,160-5,220/mt during Asian trading hours. Economic figures from US will come under spotlight on Tuesday, citing US September’s durable goods orders and Conference Board CCI. And eyes will be on US Fed interest rate meeting. US September’s durable goods orders should fall 1.1% from August, better than the 2.3% slip in August.
ENERGY: Crude Oil prices fell on Tuesday, on course for a third week of losses as U.S. inventory data is expected to show another increase in crude stocks. Inventories U.S. production numbers continue to disappoint the market," he said. "Producers are squeezing as much production as they can." Investors are also waiting for the outcomes of key policy meetings this week to give some direction to the market, Le Brun said. That includes the outcome of a two-day U.S. FOMC meeting which starts later on Tuesday and China's fifth plenum, a four-day meeting of the Communist Party's central committee, that began on Monday.
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