Gold prices-Gold gained in Asia on Thursday off testimony by the Fed chief that the pace of interest rate hikes would be gradual in otherwise holiday-thinned trade with markets in Japan and China shut. On Wednesday morning, Yellen testified before the U.S. House of Representatives Financial Services Committee for the first time since the Federal Open Market Committee (FOMC) ended a seven-year zero interest policy late last year.
MCX Copper Tips-MCX Copper gained during Tuesday session of the trading week ended below Rs 310 per kg. The prices tested levels of Rs 317.40 per kg as highs and Rs 303.35 per kg as a low. Copper February expiry contract closed at Rs 306.40 per kg on 9 Feb 2016 against Rs 315.10 per kg on 8 Feb 2016. Volumes gained sharply and almost doubled in a single day trade. The total volumes were 62498 lots against 38107 lots on 8 Feb 2016. Open interest gained to 18172 against 15591 on 8 Feb 2016.
Crude oil prices-Crude oil prices fell further in Asia on Thursday in holiday -thinned trade with the key markets of Japan and China shut. Iran oil minister Bijan Zangeneh told reporters on Tuesday that his nation is willing to negotiate with Saudi Arabia on measures that could help stabilize persistently low oil prices. At the same time, Igor Sechin, the Kremlin's oil chief, floated a proposal that would require major oil producers to cut output by as much as 1 million barrels per day in the coming weeks.
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