Gold prices-Gold steadied in early deals on Tuesday as weaker stock and oil prices pushed investors towards safe-haven assets, but slow physical demand in Asia kept bullion under $1,100 an ounce. China will release its gross domestic product data for the last quarter of 2015 and the past year this morning and economists polled by Reuters show the world's No. 2 economy grew 6.9 percent last year, its slowest in a quarter of a century. Weak physical demand from top gold consumers China and India.
MCX Copper Tips-Buying interest stays weak in Chinese copper market and spot discounts of RMB 160-300/mm are expected on Tuesday against SHFE 1602 copper. Market will eye China’s Q4 GDP, December industrial value-added, retail sales and fixed asset investment on Tuesday. It is widely expected that China’s GDP will grow 6.9% in 2015. Moody's said Chinese economy will slow further in Q4 2015, citing slower industrial production, falling fixed asset investment and imports & exports.
Crude oil prices-Oil futures remained under pressure on Tuesday following a slide that has seen prices fall by more than a quarter since the beginning of the year as the full return of Iran to oil markets adds to an already huge supply overhang. Tehran then ordered a sharp increase in output to take immediate advantage. Goldman Sachs said that Iran's production would rise by 285,000 barrels per day (bpd) year-on-year in 2016 while BMI Research said the rise would by 400,000 bpd.
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