Gold prices-Spot gold edged higher on Tuesday, snapping two sessions of decline, as concerns over China's economic growth and pressure on stock markets lifted the precious metal. Right from the beginning of 2016, markets have been rocked by plunges in Chinese stocks, the yuan's fall and subsequent heavy intervention by the Chinese authorities. The gain in gold prices is likely to be capped by concerns that higher U.S. interest rates.
MCX Copper Tips-Base metal prices on the SHFE are expected to continue weakening on Jan. 12, Shanghai Metals Market foresees. IBD’s Economic Optimism Index in January for the US and UK’s January industrial output will be released today. The market will also focus on whether the slump in the Shanghai Composite Index will be arrested. Base metals prices are not promising today. IBD’s Economic Optimism Index is expected to improve, but any increases will be limited given slow growth in salaries. Consumers are still mostly optimistic toward US economy.
Crude oil prices-Crude oil prices continued a relentless dive early on Tuesday, falling as much as 20 percent since the beginning of the year as analysts scrambled to cut their 2016 oil price forecasts and traders bet on further price falls. Trading data showed that managed short positions in WTI crude contracts, which would profit from a further fall in prices, are at a record high, implying that many traders expect further falls. Standard Chartered that took the most bearish view, stating that prices could drop as low as $10 a barrel.
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