Gold prices-Gold slipped early on Friday as the euro fell after the European Central Bank hinted at further policy easing amid turmoil in global markets and weaker growth across emerging economies. Premiums for gold prices in China only rose slightly this week and sellers in India offered discounts amid poor demand. Fading growth and inflation prospects will force the ECB to review its policy stance in March, President Mario Draghi said.
MCX Copper Tips-LME copper will go up to USD 4,400-4,460/mt during Asian trading hours Friday. Market attention will focus on preliminary manufacturing PMI from the US, Germany and France for January, as well as US December existing home sales on Friday. Preliminary manufacturing PMI from the US, Germany and France are expected to be negative in January. Global economy, stock, foreign exchange and commodity markets had a bad start in 2016, boding ill for manufacturing sector.
Crude oil prices-U.S. crude oil prices were stable in early Asian trading on Friday after bouncing away from 12-year lows the previous day as rallying financial markets gave some traders reason to cash in on record short positions. Traders said that a lot of people with open short positions in the market, which profit from falling prices, had decided to cash in when prices had fallen 30 percent between the beginning of the year and the middle of this week, and flip into buying at low costs, lifting prices.
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