Gold prices-Gold drifted in a narrow range on Wednesday as investors awaited the conclusion of a Federal Reserve policy meeting at which the U.S. central bank is expected to raise rates for the first time in nearly a decade. The decision will be released on Wednesday at 1900 GMT, with markets prepared for an initial 25 basis point "liftoff". It is to be followed by a news conference by Fed Chair Janet Yellen to elaborate on the central bank's latest policy statement. Zimbabwe should reduce the royalty fee levied on platinum producers from the current 10 percent to help mining firms offset the impact of low prices, the country's mining chamber said.
MCX Copper Tips-LME copper suffers pressure and will move between USD 4,550-4,590/mt during Asian trading hours Wednesday. Focus is turning to a series of economic figures on Wednesday, including December’s flash manufacturing PMI from US and euro zone, November’s final CPI from euro zone and US new home sales. Investors stay cautious ahead of the release of US Fed’s interest rate decision. Little impact is expected from euro zone’s manufacturing PMI in December and November’s final CPI should not improve, which will likely depress euro and in turn support dollar.
Crude oil prices-U.S. oil prices fell in Asian trade on Wednesday, snapping two days of gains that pulled crude back from testing 11-year lows, as investors awaited the outcome of a Federal Reserve meeting that will likely raise interest rates. A rise in rates is typically negative for oil prices because a hike is likely to prop up the greenback, making crude contracts more expensive as they are denominated in dollars. In a further sign of oversupply in the market, data released late on Tuesday by the industry group, American Petroleum Institute, showed a surprise build of 2.3 million barrels in U.S. crude stockpiles last week.
0 comments:
Post a Comment