MCX Bullion News Updates

 Gold prices-Gold steadied at the start of the month on Monday, supported by slower U.S. fourth-quarter economic growth, after ending January with its biggest monthly gain in a year. Fresh data out of China on Monday should provide more clues on the state of the world's No. 2 economy, with the government releasing both manufacturing and non-manufacturing data.

MCX Copper Tips-LME copper should trade in a tight range of USD 4,550-4,590/mt, and RMB 35,600-35,900/mt for SHFE copper. Market will eye January manufacturing PMIs from major economies on Monday. Investors are anticipating policy stimulus to help the Chinese economy bottom out. China’s official manufacturing PMI and that released by Caixin are expected to stabilize. US manufacturing sector will remain depressed due to sluggish energy sector. 

  

Crude oil prices-Oil prices fell in early trading on Monday after South Korea posted its weakest export data since 2009 and the prospect of a coordinated production cut by leading crude exporters seemed remote. The prospects of a coordinated cut in production by leading exporters like the Organization of the Petroleum Exporting Countries (OPEC) and Russia seem difficult to realize due to differences between these producers.

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