Gold prices-Gold added to overnight gains on Friday and looked set to snap a six-week losing streak as a slump in the dollar buoyed the metal above 2010 lows ahead of the key U.S. nonfarm payrolls data later in the session. The metal rose 0.8 percent on Thursday after the ECB’S monetary easing measures fell short of expectations, boosting the euro and hurting the dollar. The ECB cut its deposit rate deeper into negative territory and extended its asset buys by six months - widely anticipated moves that some investors considered the bare minimum after the bank had for weeks stoked expectations of stimulus moves.
MCX Copper Tips-LME copper is expected to move between USD 4,540-4,590/mt during Asian trading hours Friday. The market expects US Federal Reserve to raise interest rate in December unless US non-farm payrolls turn out to be very disappointing. The growth in US salaries in November is also the focus of markets. Should US salaries continue to increase in November, the likelihood of Fed rate hike will grow. No OPEC member country is expected to announce output cut plan at the meeting in Vienna. Base metals prices are expected to remain weak today.
Crude oil prices-China's renewing of its oil purchase deals with Iran not only provides a boost to the Islamic Republic's hopes of re-establishing itself in global markets, it also underscores why this week's OPEC meeting is largely irrelevant. The market consensus is that Friday's gathering of the Organization of the Petroleum Exporting Countries (OPEC) won't produce any significant change in the group's output policy. This is notwithstanding some apparent tentative signals from top producer Saudi Arabia that it may consider cutting output, as long as the rest of OPEC and major non-OPEC countries such as Russia also trim output.
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