Gold prices-Gold struggled to recover from overnight losses on Tuesday as a relentless slide in oil prices dented demand for the metal, often seen as an inflation-hedge. In the absence of strong trading cues and liquidity, gold is likely to remain range-bound for the remainder of the week, tracking oil and currency markets. Over the short-term, the precious metal will likely trend sideways, as funds look to close out the year and contemplate heading into next year with a fresh slate," said INTL FCStone analyst Edward Meir.
MCX Copper Tips-LME copper is expected to narrowly range USD 4,610-4,660/mt during Asian trading hours Tuesday. LME resumes trade today and the SHFE/LME copper price ratio should go up with depreciation in Chinese yuan. Consumer confidence indexes released by other two institutes were positive in December. As such, the Conference Board’s December consumer confidence index should be positive as well. The IBD’s consumer confidence index rose sharply from November in December, and the University of Michigan’s consumer confidence index also beat forecast and preliminary reading in December.
Crude oil prices-Crude oil futures came under renewed pressure early on Tuesday as fears of slowing demand added to near-record global production levels, which have already slashed prices by two-thirds since the middle of last year. While output from exporters like Russia, the Organization of the Petroleum Exporting Countries (OPEC) and U.S. shale drillers has been at or near record highs, demand has so far held up strong, preventing oil prices from falling even lower.
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Buy COPPER Feb above 312 TGT 314.20 & 317 SL 309.10.
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