Gold prices-Gold dipped in Asia on Monday as investors stayed cautious on prospects for further gains despite easy global monetary policies. Gold for February delivery on the Comex division of the New York Mercantile Exchange dropped 0.35% to $1,226.50 a troy ounce. Reports on U.S. durable goods orders and consumer confidence will also be in focus. On Monday, the euro zone is to release survey data on manufacturing and service sector activity. Germany and France are also to release individual reports.
MCX Copper Tips-SHFE 1604 copper is expected to move between RMB 35,800-36,100/mt on Monday. Pro-growth measures continue in Chinese market but mounting inventories trigger worries in market. Base metals prices are expected to rise early this week but growth should slow in the latter half of the week. Investors should not be overt pessimistic or bullish due to the March-April peak season. Base metals prices are still bearish in the long term point of view with slow consumption growth.
Crude oil prices-Crude oil prices gained further in Asia on Monday with the front-month contract up following a drop in U.S. drilling activity last week. On Friday, consultant Baker Hughes said the U.S. rig count fell by 26 to 413 in the week ended Feb. 19. Last week, oil prices fell sharply on Friday, as market players continued to focus on a global supply glut and amid doubts over the likelihood of a collective cut happening anytime soon.
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