Gold prices-Gold looked set for another muted trading session on Friday but was headed for the seventh weekly drop in eight weeks as investors positioned for a looming U.S. rate hike. Fed Chair Janet Yellen next week has to decide not only whether to raise rates for the first time in a decade, but also how to assure markets on the likely path of future rate hikes. Traders currently expect the Fed to raise rates two or three times next year. Short positions in COMEX gold futures and options are at record highs, while assets in SPDR Gold Trust, the top bullion exchange traded fund, are at their lowest since Sept. 2008.
MCX Copper Tips-China leaves import and export tariff for copper unchanged in 2016, according to the Tariff Adjustment Plan in 2016 recently passed by China’s Customs tariff Commission of the State Council. LME copper should move in a tight range of USD 4,570-4,605/mt during Asian trading hours Friday. Market attention will shift onto a series of US economic data, as well as Germany’s November CPI on Friday. US retail sales for November and consumer confidence index for December are on track to record the best performance in four months. Positive US IBD Economic Optimism Index for December and healthy US labor market in November.
Crude oil prices-U.S. crude prices remained near 2009 lows in early Asian trading on Friday as oil output in the Middle East continued to rise despite an existing global glut. The rout is a result of a huge overhang in production, which is seeing anywhere between half a million and 2 million barrels of crude oil being produced every day in excess of demand, and is fast filling onshore storage sites, which some analysts expect to run out in early 2016. Iraq's soaring output has been a large contributor to the glut, with production doubling over the past decade to around 4.3 million barrels per day, more than enough to meet all of India's demand.
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