Tuesday, 5 January 2016

MCX Bullion News Updates

Gold prices-Gold retained gains from a two-day rally on Wednesday, buoyed as markets shifted away from risk amid escalating tensions in the Middle East, fears of a slowdown in China and a slide in global equities. Bullion is often seen as an alternative investment during times of geopolitical and financial uncertainty, though safe-haven rallies tend to be short-lived. The U.S. central bank's Federal Open Market Committee will release the minutes of its December policy meeting later on Wednesday.


MCX Copper Tips-LME copper should narrowly range USD 4,580-4,650/mt during Asian trading hours Wednesday. November’s PPI from euro zone is predicted to be disappointing given continuous drop in crude oil prices in November. In the same period, Germany’s PPI tumbled 2.5% YoY with energy prices down 7.1% from a year earlier. Of November’s manufacturing PMI in euro zone, the output sub-index continued falling. This will likely stimulate the ECB to further expand QE. US non-farm payrolls will be negatively affected, though the ADP figures pick up. However, US dollar will be little affected by those disappointing economic figures due to expectation for rate hike by Fed.

Crude oil prices-Oil prices edged higher on Wednesday, rebounding from near 11-year lows in the previous session as concerns over growing supply and rising stock levels outweighed tensions between key Middle East producers. Data from American Petroleum Institute (API), an industry group, showed crude stocks fell last week by 5.6 million barrels, while stocks at the Cushing, Oklahoma, and delivery hub rose by 1.4 million barrels.


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1 comment:

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