Gold prices-Gold was little changed on Wednesday as thin liquidity and a firmer dollar capped price moves, although the metal remained on track to close the year lower for a third time in a row. The precious metal has lost nearly 10 percent of its value this year, largely on fears that higher U.S. interest rates would hurt demand for non-interest-paying bullion. Gold is positively co-related to oil as the metal is often seen as a hedge against oil-led inflation, while a stronger greenback makes dollar-denominated gold more expensive for holders of other currencies.
MCX Copper Tips-LME copper should narrowly range USD 4,700-4,750/mt during Asian trading hours Wednesday and SHFE 1602 copper will fluctuate between RMB 36,200-36,700/mt today. Market will eye US crude oil stocks and US pending home sales for November, as well as Italy November CPI, on Wednesday. API’s report showed that US crude oil stocks rose last week, with stocks in Cushing up another 923,000 barrels. This sent WTI and Brent oil prices down. NAHB’s US Housing Market Index was slightly below forecast in November. But US home builder confidence stayed above 50 for five consecutive months in November. US new home sales and building permits for November both beat expectations.
Crude oil prices-Crude oil futures fell around half a dollar early on Wednesday as the market remained under pressure from slowing demand and high supplies, while forecasts that a cold snap in Europe and the United States would be short-lived also hurt prices. Traders said the price falls were largely a result of a weak outlook for next year and the closing of 2015 trade books. Forecasts that an upcoming cold weather in Europe will only be short-lived could also hurt crude prices.
Markets are not always favorable, When we are in a trade which goes against us, so always trade with proper stop loss.
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