Gold prices-Gold languished near an eight-week low on Friday and was set to post its worst weekly drop in eight months as investors positioned themselves for a possible U.S. rate hike this year, pulling money out of bullion funds. Focus will be on the U.S. nonfarm payrolls report due later in the day as markets look to gauge the strength of the economy and how it would affect the Federal Reserve's monetary policy. Solid payrolls data later in the session could seal the case for a December rate hike. According to a survey of economists, nonfarm payrolls probably increased 180,000, well above the 139,000 jobs per month average for August and September.
MCX Copper Tips-LME copper opened at USD 5,138.5/mt overnight and then lurched down responding to firm dollar and crude oil price declines, to end at USD 5,008/mt. Trading volumes grew but positions fell. LME copper inventories were up 6,400 mt, mainly in European warehouses. Market remains wary before the release of US non-farm payrolls. LME copper will move in USD 4,990-5,040/mt during Asian trading hours. China Aluminum International Trading Co. hiked aluminum prices by 150-220 yuan per tonne this past week after continuous cuts in previous weeks, it said on its WeChat.
Crude oil prices-Crude oil prices edged up on Friday after falling over 2 percent the previous session, with analysts saying oversupply and a strong dollar would continue to weigh on fuel markets. Oil prices will remain under pressure as long as the surplus remains in the market, the bank added, referring to global production being 1-2 million barrels per day above demand. Rising speculation that the Fed will raise rates will put further downward pressure on commodity prices, ANZ Bank said on Friday.
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