Gold prices-Gold edged higher on Wednesday as a further fall in equities and oil burnished bullion's safe-haven draw, although the metal was restricted to narrow ranges. The International Monetary Fund cut its global growth forecasts for the third time in less than a year, as new figures from Beijing showed that the Chinese economy grew at its slowest rate in a quarter of a century in 2015.
MCX Copper Tips-LME copper is forecast to drop to USD 4,365-4,415/mt during Asian trading hours Wednesday give the back of worries about crude oil and global economy. Market will eye US December housing starts and building permits, as well as Germany December PPI. Germany’s PPI fell 2.5% YoY in November, with a 7.1% year-on-year decline in energy prices as the main drag. Crude oil prices continuing falling in December. As such, Germany’s PPI is likely to deteriorate further in December.
Crude oil prices-Crude futures slumped again in early Asian trade on Wednesday, with U.S. oil falling to its lowest since September 2003 below $28 a barrel on worries over a global supply glut. Oil prices are at a level where OPEC countries are all struggling. They are selling oil for cash flow not for profit, said Jonathan Barratt, chief investment financial officer at Sydney's Ayers Alliance. Ample storage space for crude around the world, including 230 million barrels of new storage to be completed this year.
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