Gold prices-Gold slipped on Monday, tracking lower oil prices, but failed to get safe-haven bids despite weakness in the dollar and Asian equities as liquidity remained thin in a holiday-shortened week. Oil prices fell after the long Christmas weekend, with international crude and product markets still well supplied in excess of demand. Gold is positively correlated to oil as the metal is seen as a hedge against petroleum-led inflation. Some markets, including Australia and many in Europe, will remain closed on Monday after Friday's Christmas holiday. Many markets will also be shut this coming Friday for New Year's Day.
MCX Copper Tips-Spot copper in China should trade at discounts of RMB 100-180/mt against SHFE 1601 copper with limited cargo holders in market. LME is still closed today. SHFE 1603 copper is expected to shift to the most active contract on Dec. 28 and will move between RMB 36,300-36,500/mt today with tepid trading in market. Trading hours on base metals market will shorten this week, because of the Boxing Day in the UK and New Year holiday. Market will digest a series of economic data this week. The US will release December Conference Board’s December consumer confidence index and weekly jobless claims.
Crude oil prices-Oil prices fell on Monday after the long Christmas weekend, with U.S. crudes defending a newly gained premium over internationally traded Brent contracts. Markets are generally weak, so the trend remains for lower prices, but do watch out for sharp moves in the low liquidity days between Christmas and New Year," one oil trader said. Japan's industrial output fell 1.0 percent in November from the previous month, government data showed on Monday, suggesting that sluggish emerging market demand continues to cloud the outlook for the economy.
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