Gold prices-Gold was little changed on the last trading session of the year, but looked set to post its third straight annual loss, undermined by a robust dollar and prospects of higher U.S. interest rates. Next year too gold will be lower as U.S. interest rates will keep going higher, said a bullion trader in Hong Kong, adding that this will put pressure on other precious metals as well. Gold could drop to $1,000 or below but could recover slightly in the second half of the year, he said.
MCX Copper Tips-LME copper will narrowly range between USD 4,720-4,765/mt during Asian trading hours Thursday. Today is the last trading day of this year, which will see thin trading. Market attention will focus on US jobless claims last week and Chicago manufacturing PMI for December. Recently released US weekly jobless claims have been positive. Should last week’s jobless claims remain upbeat, market reaction will be mild. It is expected that Chicago manufacturing PMI will improve in December.
Crude oil prices-The immediate outlook for oil prices remains bleak, with some analysts like Goldman Sachs saying prices as low as $20 per barrel might be necessary to push enough production out of business and allow a rebalancing of the market. U.S. bank Morgan Stanley said in its outlook for next year that "headwinds growing for 2016 oil" citing ongoing increases in available global supplies despite some cuts particularly by U.S. shale drillers as well as a slowdown in demand as the main reasons.
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