Gold prices-Gold prices fell in Asia Tuesday on profit taking as investors looked look ahead to views on U.S. interest rates this week. Investors await an appearance by Federal Reserve chair Janet Yellen before the House Financial Services Committee on Wednesday for further indications on the pace of tightening over the next several months. People's Bank of China reported on Monday that its foreign currency reserves declined by $99.5 billion in January, falling to the lowest level since 2012.
MCX Copper Tips-NFIB Small Business Index, JOLTS Job Openings, and Wholesale Inventories m/m this indicators are due for the day. Copper March contract is quoted at $ 2.088 - down 0.2 percent. Copper is at 2.076 giving back some of its gains from last week but still holding near recent highs. CFTC weekly data showed money managers reduced short bets in copper, a sign that the metal may find some stability. Copper price recovered mildly today after choppy trading late last week. It continues to target the resistance level at 2.1485 on the topside.
Crude oil prices-Crude oil prices rebounded in early Asia on Tuesday after overnight volatility linked to fading prospects of producers acting in concert to cut output. A meeting between Venezuela oil minister Eulogio Del Pino and Saudi Arabia counterpart Ali al-Naimi on Sunday concluded with few indications that the OPEC members have moved closer to setting a date for an emergency summit, which could result in significant production cuts from the world's largest cartel.
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