MCX Bullion News Updates

Gold prices-Gold started off a crucial week on the back foot on Monday, as the Federal Reserve is expected to raise U.S. interest rates for the first time in nearly a decade. In its last policy meeting of the year on Dec. 15-16, the Fed is widely expected to hike U.S. rates for the first time since June 2006 on the back of a robust economy. The U.S. central bank is expected to raise rates by a quarter of a percentage point on Wednesday. Higher rates are expected to hurt demand for non-interest-paying bullion, while boosting the dollar. Speculators' short positions in gold are near record highs. Hedge funds and money managers' reduced their bearish stance in COMEX gold in the week to Dec. 

MCX Copper Tips-A recent SMM survey of 20 Chinese copper wire rod producers finds that 10% of them are optimistic toward copper prices, citing recent good news for market fundamentals. LME copper is expected to range USD 4,650-4,700/mt during Asian trading hours Monday. US Fed is expected to be well on the tract to raise interest rate in December but supportive news from China will likely bode well for base metals. Supportive factors from China, including metal output cut and stockpiling, will lend support to base metals when combined with domestic high positions and low inventories .

Crude oil prices-Crude oil futures slipped in early Asian trade, adding to a slump on Friday following a forecast from the International Energy Agency (IEA) that the global glut of oil is likely to deepen next year. The group has been pumping near record levels since last year in an attempt to drive higher-cost producers such as U.S. shale firms out of the market. World oil markets will remain over supplied at least until late 2016," the IEA said in its monthly report, tempering the gloomy outlook by adding "the pace of global stock builds should roughly halve next year.