Gold prices-Gold steadied after a five-day slide on Wednesday, but continued to languish near its lowest in four weeks, hurt by fears of a U.S. rate hike this year and investor outflows. Bullion has been under pressure since the Federal Reserve last week hinted at a rate hike in December, reversing earlier market expectations that the first U.S. rate increase in nearly a decade could be delayed to next year on global growth concerns. All eyes will be on the U.S. nonfarm payrolls report due on Friday, while the ADP employment report and ISM report on services sector sentiment due later on Wednesday could also be market movers.
MCX Copper Tips -LME copper dived to USD 5,095/mt after opening at USD 5,120/mt overnight. However, LME copper later rebounded to USD 5,179/mt, to end at USD 5,162.5/mt, up USD 42.5/mt. US direction and crude oil prices are major drive for copper prices . But worries about Chinese economy slowdown ease. LME copper will move in USD 5,130-5,175/mt during Asian trading hours. Base metals prices are expected to diverge today. China aims to materialize a fully moderately well-off society by 2020, boosting crude oil prices, but gave little boost to base metals.
Crude oil prices-Oil prices slipped in thin trading on Wednesday as investors took profits from the previous session's rally, while potential supply disruptions in the United States, Brazil and Libya curbed losses. A year-end recovery in commodity prices remains unlikely with a stronger dollar and continued weak Chinese economic data," ANZ said in a research note on Wednesday. Investors are also keeping an eye on manufacturing data from China, Japan and the euro zone later on Wednesday.
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