Gold prices-Gold was trading near a three-week high on Monday, boosted by a short-covering rally after a strong U.S. nonfarm payrolls report cemented the case for a Federal Reserve rate hike next week. Data on Friday showed U.S. nonfarm payrolls rose 211,000 last month, and the unemployment rate held at a 7-1/2-year low of 5.0 percent. September and October data was revised to show 35,000 more jobs than previously reported. The robust data removed any doubts about a possible rate hike at the Fed's next policy meeting on Dec. 15-16.
MCX Copper Tips-LME copper should move at highs between USD 4,570-4,650/mt during Asian trading hours Monday with shortage of major reports. Recently released China industrial value-added and manufacturing PMI suggest no signs of a turnaround in China’s PPI. The Chinese government proposed to reform supply & demand structure in industries plagued by overcapacity, but it remains to be seen how much effect the reform will have. Monetary easing by the ECB not long ago missed forecasts, keeping deals in foreign exchange market cautious.
Crude oil prices-Crude prices fell on Monday in the first trading session after OPEC-members failed to agree on output targets to reduce a bulging glut that has resulted in oil prices falling by more than 60 percent since June 2014. The Organization of the Petroleum Exporting Countries failed to agree on an oil production ceiling on Friday at a meeting that ended in acrimony after Iran said it would not consider any production curbs until it restores output scaled back for years under Western sanctions. Analysts said that OPEC would likely maintain its production around current levels of 31.5 million barrel per day.
0 comments:
Post a Comment