Gold prices-Gold bounced back on Monday with the market inching towards last session's nine-week high as pressure on Asian stock markets triggered safe-haven bids for the metal. China will face great difficulty in achieving economic growth above 6.5 percent over the 2016-2020 period due to slowing global demand and rising labor costs at home, the China Securities Journal quoted a top state adviser as saying. Gold climbed to its highest since early November on Friday, adding more than 4 percent.
MCX Copper Tips-LME copper will narrowly range USD 4,455-4,490/mt during Asian trading hours Monday. China’s NBS shows December CPI rose 1.6% YoY, with the growth up 0.1 percentage point, while PPI fell 5.9% YoY. Major economic indicators slated for release today include China’s and overseas trade numbers, power consumption and financial credit figures. China’s imports are expected to fall in December due to yuan’s devaluation. Concerns that the PBOC will continue to intervene in the exchange market still exist.
Crude oil prices-U.S. crude oil prices were down more than 2 percent in early trading on Monday as traders increasingly lose faith in a significant market recovery soon and bet on even lower prices. Monday's falls add to an over 10 percent price drop in the first trading week of the year and when Goldman Sachs said oil could hit $20, and would see sustained low prices through the first quarter "so producers will move budgets down to reflect $40 a barrel oil for 2016.
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