Gold prices-Gold ticked up for a third session on Wednesday, buoyed by short covering following a dip in the dollar and soft U.S. manufacturing data. U.S. manufacturing contracted in November for the first time in three years, sending the dollar sliding from an 8-1/2 month high reached on Monday. The Federal Reserve is widely expected to raise U.S. rates this month for the first time in nearly a decade.
MCX Copper Tips-LME copper will grow to USD 4,580-4,640/mt during Asian trading hours Wednesday. Base metals prices are expected to strengthen today due to output cut news at Chinese smelters. Eurozone November CPI slated for release today is expected to stay low. Eurozone October CPI increased but fell far short of the 2% target. In this scenario, the market is expecting European Central Bank to expand quantitative easing this Thursday. US non-farm employment numbers will be released this Friday. Should the result be upbeat, the US dollar will return to 100.
Crude oil prices-Crude prices dipped in early Asian trading hours on Wednesday as U.S. stockpiles rose against expectations, compounding a glut that is seeing hundreds of thousands barrels of oil being produced every day in excess of demand. A meeting by the Organization of the Petroleum Exporting Countries (OPEC) this Friday in Vienna is not expected to bring a change in the group's policy, which has seen it keep output high in an effort to defend market share against other producers like Russia and North America. One of the supporting factors in oil prices has been demand, especially in Asia where China, the world's biggest energy consumer, is taking advantage of low prices to build up its strategic reserves.
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