Gold prices-Gold steadied near a 1-1/2-week peak at just below $1,100 an ounce early on Monday, with investors eyeing whether equities will come under renewed pressure and refresh safe-haven demand for bullion. Hedge funds and money managers increased their bullish bets in COMEX gold in the week to Jan. 19, and also boosted their bullish bets in silver to the highest in more than two months, U.S. Commodity Futures Trading Commission data showed on Friday.
MCX Copper Tips-It remains to be seen whether the rally in crude oil prices will prove sustainable. LME copper should move in a tight range of USD 4,410-4,460/mt on Monday. Base metals prices to rise initially then fall this week. The Fed will unlikely raise interest rate at its January rate-setting meeting. The inclement weather will affect railway transportation in the first half of the week. When combined with pre-holiday stock-building, base metals prices should remain firm.
Crude oil prices-Crude oil futures extended gains in early Asian trade on Monday on short-covering demand, with both Brent and U.S. crude near$32.50 a barrel. Oil prices surged 10 percent on Friday, one of the biggest daily rallies ever, as bearish traders who had taken out record short positions scrambled to close them, betting the market's long rout may finally be over. A change in investor sentiment was the key factor, with speculative short positions in WTI falling from historically high levels the previous week," ANZ said in a note on Monday.
Trader Must know about that a Crude prices rallying from 12-year lows touched earlier in the year.
ReplyDeleteEpic Research