Gold prices-Gold was trading close to its lowest level in nearly six years on Monday and was poised to record its worst monthly slide in 2-1/2 years on prospects of a U.S. interest rate hike this year. The precious metal has fallen out of favour as investors position themselves for the first U.S. rate hike in nearly a decade. The Federal Reserve is expected to raise rates at its next policy meeting in December. The European Central Bank policy meeting on Thursday will also be eyed for impact on the currency markets. The ECB is widely expected to ease policy.
MCX Copper Tips-LME copper is expected to move between USD 4,560-4,610/mt during Asian trading hours Monday. Base metals prices are expected to return to downward track this week. China’s manufacturing PMI slated for release this week should remain low, with euro zone manufacturing PMI up slightly. Sluggish raw material prices and weak demand compound to weigh on ex-works prices of industrial products. Industrial output in China and euro zone is also impacted, and market expectations of an interest rate hike in the US constrained consumption loan. European Central Bank will announce its interest rate decision for December this Thursday.
Crude oil prices-Crude oil prices rose in early Asian trade on Monday, although gains were limited as investors look ahead to an OPEC meeting where ministers from the oil producing group will set policy in the face of a market still in glut. Oil prices are heading for declines of as much as 10 percent this month as optimistic assessments that the overhang in the market would ease have proved wrong. The research team expects higher demand for OPEC oil next year as supply from producers such as the United States declines, potentially reducing the glut, with world oil demand seen rising by 1.25 million barrels a day.
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