Gold prices-Gold was steady on Thursday, ending the year down 10 percent for its third straight annual decline, ahead of another potentially challenging year in 2016 amid the prospect of higher U.S. interest rates and a robust dollar. Largely influenced by U.S. monetary policy and dollar flows, the price of gold fell 10 percent in 2015 as some investors sold the precious metal to buy assets that pay a yield, such as equities.
MCX Copper Tips-SHFE copper started Thursday trading session at RMB 36,650/mt and once grew to RMB 36,720/mt. The decision is considered as an effort to counter the falling metal prices. Incidentally, copper prices have plummeted to near-6 year lows during the second half of 2015. It must be noted that the smelters had earlier agreed to cut production in 2016 by at least 350,000 tons. It was also agreed upon to deepen the planned production cuts in the event of further deterioration in prices and profitability.
Crude oil prices-Oil prices rose on Thursday but fell as much as 35 percent for the year after a race to pump by Middle East crude producers and U.S. shale oil drillers created an unprecedented global glut that may take through 2016 to clear. Global oil benchmark Brent and U.S. crude's West Texas Intermediate (WTI) futures rose between 1 and 2 percent on the day on short-covering and buying support in a thinly traded market ahead of the New Year holiday.
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