Gold prices-Gold prices nudged up slightly in Asia on Wednesday with the continued focus on likely Federal Reserve steps on interest rates this year. On Tuesday, investors continued to react to a closely watched speech by Fed vice chair Stanley Fischer on the possibility that the FOMC could delay its next interest rate hike beyond the first quarter. Any rate hikes this year are viewed as bearish for gold, which struggles to compete with high-yield bearing assets in rising rate environments.
MCX Copper TipsMore investors will exit as the 2016 Chinese New Year holiday is just days away. SHFE 1604 copper should move at RMB 35,300-35,650/mt on Wednesday, and USD 4,525-4,560/mt for LME copper. Market will eye US ADP employment report for January and EIA crude oil stock data on Wednesday. Data from the EIA showed US crude oil stocks surged 3.28 million barrels to 8.38 million barrels in the week ending January 22, a record low. The EIA will release crude oil stocks in the week ending January 29.
Crude oil prices-Oil futures extended losses into a third session in Asian trade on Wednesday, as U.S. crude stocks last week surged to more than half a billion barrels and as Iran plans to boost exports from March. U.S. crude stocks rose by 3.8 million barrels to 500.4 million in the week to Jan. 29, data from industry group, the American Petroleum Institute showed on Tuesday. Russia is ready to implement further cooperation in the oil market with OPEC and non-OPEC countries, Russian Foreign Minister Sergei Lavrov said on Tuesday.
Epic Research recommends that Gold climbed on Monday, trading near a more than two year peak reached in the previous session. We daily provide this type of useful news.
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