Thursday, 4 February 2016

MCX Bullion News Updates

Gold prices-Gold ticked lower in Asia on Friday as investors await U.S. jobs data expected to set the tone for views on Federal Reserve policy in the coming months. On Thursday, the U.S. Census Bureau said factory orders nationwide declined at a rate higher than expected in December, falling for the fourth time in the last five months. Any rate hikes by the FOMC this year are considered bearish for gold, which struggles to compete with high-yield bearing assets in rising rate environments.


MCX Copper Tips-SHFE 1603 copper opened at RMB 36,040/mt on Thursday. The contract jumped to over one-month high at RMB 36,430/mt on short covering, and finally ended up RMB 780/mt at RMB 36,330/mt, with positions down 13,020. Market will eye US initial jobless claims, December durable goods orders, and December factory orders, which are expected to be mixed. US January non-farm payrolls will come under the spotlight on Friday.

Crude oil prices-Crude oil futures held steady in lacklustre trading on Friday as Asian liquidity faded ahead of the Lunar New Year holiday across large parts of the region. Traders said liquidity was low due to the Lunar New Year holiday which will last for most of next week. Brimming storage is contributing to an overall bearish market outlook as long as major producers don't reach an agreement on output, with China's economic slowdown now showing signs of spreading across the world.


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