MCX Bullion News Updates

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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Gold prices-Gold prices drifted higher in Asia on Friday ahead of U.S. consumer prices data and a light regional data day. Investors could gain further insight into the Fed's decision making process on Friday when the U.S. Department of Labor releases the Consumer Price Index for the month of January. Overnight, gold rose considerably on Thursday remaining above $1,200 an ounce.

MCX Copper Tips-LME copper will hover between USD 4,560-4,605/mt during Asian trading hours today and SHFE 1604 copper will range RMB 35,500-35,800/mt. Eyes are turning to the result of European Council summit and speeches of two US Fed officials on Friday. Economical figures should also be closely watched, including US January’s year-on-year CPI growth and February’s CCI in euro zone. The German Central Bank considerably cut the forecast for its inflation in 2016. 

Crude oil prices-Crude prices fell in Asia on Friday with the global supply outlook bearish and demand lagging. Later Friday, research group Baker Hughes is expected to report rig count data in the U.S. Anyone who is introducing more supply into the market in the current situation is going to make it worse. Overnight, crude futures pared most of its earlier gains on Thursday, after an unexpected build in U.S. inventories last week pushed inventories to near full storage capacity.

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Gold prices-Gold prices dipped slightly in early Asia on Thursday as investors looked ahead to the end of the week U.S. jobs report for fresh direction after an overnight surge. Further signs of subdued growth in the economy and sluggish inflationary pressures could convince the Fed to delay its next interest rate hike beyond the first quarter. Gold likely gained support at $1,046.20, the low from December 3 and was met with resistance at $1,175.10, the high from Oct. 28.

MCX Copper Tips-LME copper should rise to USD 4,610-4,660/mt on Thursday on rising crude oil prices. Market will eye US economic data and forecast for UK economy on Thursday. ADP report showed US private sector added 205,000 jobs in January, with the growth slower but better than expected. Positive data left market optimistic over non-farm payrolls to be released on Friday.  The Bank of England will release its forecast for US economy in 2016.

Crude oil prices-Crude oil prices rebounded in Asia on Thursday as investors took profits off a sharp surge sparked by talk of output cuts by major producers. U.S. crude futures rallied one day after closing below $30 for the first time in more than a week, as optimism of a high-level meeting between Russia and Saudi Arabia faded. The prospects of a meeting triggered a major rally last week, amid reports that the oil powers could slash production as much as 5%.

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Gold prices-Gold edged up to a three-month high early on Tuesday as weak global manufacturing surveys soured appetite for risk assets and pushed investors toward safe havens. Global manufacturing expansion accelerated slightly but remained weak at the start of 2016 as faster growth in developed markets failed to offset a contraction in emerging economies. The Fed's statement last week that it will closely monitor the global economy and financial markets lifted gold to near $1,130.

MCX Copper Tips-About 42% of Chinese market players surveyed by SMM see copper prices fall this week. Germany’s employment and PPI data are expected to be mixed, which will offer clues for whether the ECB will loosen monetary policy further. ECB President said on Monday that euro zone economy has being facing growing downward risks since December and inflation is weaker than expected. His remarks suggest that the ECB might introduce more stimulus measures. 

Crude oil prices-Oil prices fell for a second session in Asian trade on Tuesday as worries about top energy consumer China and rising oil supply weighed on markets, although possible talks between OPEC and Russia on output cuts offered some support. Oil prices could nudge below $30 a barrel again if investors saw hopes fading of a deal between members of oil producer’s cartel OPEC and Russia on production cuts. Goldman Sachs said it was "highly unlikely" OPEC producers would co-operate with Russia to cut output.

 

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 Gold prices-Gold steadied near a 1-1/2-week peak at just below $1,100 an ounce early on Monday, with investors eyeing whether equities will come under renewed pressure and refresh safe-haven demand for bullion. Hedge funds and money managers increased their bullish bets in COMEX gold in the week to Jan. 19, and also boosted their bullish bets in silver to the highest in more than two months, U.S. Commodity Futures Trading Commission data showed on Friday.

MCX Copper Tips-It remains to be seen whether the rally in crude oil prices will prove sustainable. LME copper should move in a tight range of USD 4,410-4,460/mt on Monday. Base metals prices to rise initially then fall this week. The Fed will unlikely raise interest rate at its January rate-setting meeting. The inclement weather will affect railway transportation in the first half of the week. When combined with pre-holiday stock-building, base metals prices should remain firm.

  

Crude oil prices-Crude oil futures extended gains in early Asian trade on Monday on short-covering demand, with both Brent and U.S. crude near$32.50 a barrel. Oil prices surged 10 percent on Friday, one of the biggest daily rallies ever, as bearish traders who had taken out record short positions scrambled to close them, betting the market's long rout may finally be over. A change in investor sentiment was the key factor, with speculative short positions in WTI falling from historically high levels the previous week," ANZ said in a note on Monday.

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Gold prices-Gold opened the trading week higher on Monday as Asian stocks tumbled to their lowest since 2011 on the heels of weak U.S. economic data that fueled a sell-off on Wall Street. Hedge funds and money managers switched to their first bullish bet in COMEX gold in two months and lifted their bullish bet in silver in the week to Jan. 12, U.S. Commodity Futures Trading Commission data showed on Friday. U.S. retail sales fell in December along with industrial production.

MCX Copper Tips-Global stock market was gloomy and Chinese A-shares fell below 3,000. Depreciation in Chinese yuan continued while US dollar hovered at highs. China will release a basket of economic data for December this week. China’s NBS will hold a meeting on Tuesday regarding economic conditions, with market attention on retail sales, as well as fixed asset and housing market investment. A series of incoming Chinese economic data will increase volatility in base metals. It is hoped that the ECB will loosen monetary policy in its January meeting.  

Crude oil prices-Oil prices hit their lowest since 2003 on Monday, as the market braced for a jump in Iranian exports after the lifting of sanctions against the country at the weekend. The U.N. nuclear watchdog on Saturday said Tehran had met its commitments to curtail its nuclear program, and the United States immediately revoked sanctions that had slashed the OPEC member's oil exports by around 2 million barrels per day (bpd) since their pre-sanctions 2011 peak to little more than 1 million bpd. Is now free to sell as much oil.

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Gold prices-Gold lost more ground on Friday, falling for five out of six sessions as a rebound in oil and equity markets reduced the precious metal's safe haven appeal. Gold has dropped 2.5 percent this week, its biggest weekly decline since early November. A bounce in global stock markets and oil prices added pressure on precious metals. The metal hit two-month highs at $1,112 last week as volatility in Chinese stocks battered appetite for risk.

MCX Copper Tips-LME copper will fluctuate between USD 4,380-4,420/mt during Asian trading hours Friday with eyes on Chinese stocks and yuan.  US December PPI, retail sales and industrial output and University of Michigan’s January CCI will be released today, with market optimism expected to prevail in the market. This should boost base metals. US December non-farm employment beat market expectations, but growth in wages slowed. This, combined with sharp declines in US November wholesales, bode ill for December retail sales.  

Crude oil prices-U.S. crude oil futures fell in Asian trade on Friday, heading lower after posting the first significant gains for 2016 in the previous session, as the prospect of additional Iranian supply looms over the market. WTI is on track to post a third consecutive weekly loss, down more than 6 percent. The contract is down nearly 18 percent from a 2016 high on January 4. Western sanctions on Iran are expected to be lifted within days, potentially paving the way for more crude oil exports from the country, under a landmark agreement on Tehran's disputed nuclear program.

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Gold prices-Gold rose for a second session on Thursday, recovering from a one-week low as pressure on global equity markets and weakness in the U.S. dollar underpinned the precious metal. Chicago Federal Reserve Bank President Charles Evans said he was nervous about the potential effects of China's slowdown on the U.S. economy and about the possibility that inflation expectations may be slipping.

MCX Copper Tips-Copper prices hover at lows and have a good prospect to be the worst performer on Thursday. LME copper will move between USD 4,340-4,390/mt during Asian trading hours today. US initial jobless claims will be released today, with Bank of England’s interest rate decision eyed. Base metals will likely rebound but diverge. St. Louis Fed chairman will speak today speak on US economy and monetary policy today. Boston Fed chairman said global and US economies are expected to slow, so the US Fed may raise interest rate more gradually. 

Crude oil prices-U.S. crude futures eked out gains for a second day in early Asian trade on Thursday, though the market remains vulnerable to gloom over a world awash with supply and concerns about economic growth hitting equity markets. A bearish report from the U.S. Energy Information Administration on Tuesday underlined concerns that demand is stagnating as more supply comes to market. WTI is down about 20 percent from a high on the first day of trading in 2016 and fell through the important $30 barrier on Tuesday before recouping some of the losses.

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Gold prices-Spot gold edged higher on Tuesday, snapping two sessions of decline, as concerns over China's economic growth and pressure on stock markets lifted the precious metal. Right from the beginning of 2016, markets have been rocked by plunges in Chinese stocks, the yuan's fall and subsequent heavy intervention by the Chinese authorities. The gain in gold prices is likely to be capped by concerns that higher U.S. interest rates.  

MCX Copper Tips-Base metal prices on the SHFE are expected to continue weakening on Jan. 12, Shanghai Metals Market foresees. IBD’s Economic Optimism Index in January for the US and UK’s January industrial output will be released today. The market will also focus on whether the slump in the Shanghai Composite Index will be arrested. Base metals prices are not promising today. IBD’s Economic Optimism Index is expected to improve, but any increases will be limited given slow growth in salaries. Consumers are still mostly optimistic toward US economy.   

Crude oil prices-Crude oil prices continued a relentless dive early on Tuesday, falling as much as 20 percent since the beginning of the year as analysts scrambled to cut their 2016 oil price forecasts and traders bet on further price falls. Trading data showed that managed short positions in WTI crude contracts, which would profit from a further fall in prices, are at a record high, implying that many traders expect further falls. Standard Chartered that took the most bearish view, stating that prices could drop as low as $10 a barrel.

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Gold prices-Gold bounced back on Monday with the market inching towards last session's nine-week high as pressure on Asian stock markets triggered safe-haven bids for the metal. China will face great difficulty in achieving economic growth above 6.5 percent over the 2016-2020 period due to slowing global demand and rising labor costs at home, the China Securities Journal quoted a top state adviser as saying. Gold climbed to its highest since early November on Friday, adding more than 4 percent.

MCX Copper Tips-LME copper will narrowly range USD 4,455-4,490/mt during Asian trading hours Monday. China’s NBS shows December CPI rose 1.6% YoY, with the growth up 0.1 percentage point, while PPI fell 5.9% YoY. Major economic indicators slated for release today include China’s and overseas trade numbers, power consumption and financial credit figures. China’s imports are expected to fall in December due to yuan’s devaluation. Concerns that the PBOC will continue to intervene in the exchange market still exist.  

Crude oil prices-U.S. crude oil prices were down more than 2 percent in early trading on Monday as traders increasingly lose faith in a significant market recovery soon and bet on even lower prices. Monday's falls add to an over 10 percent price drop in the first trading week of the year and when Goldman Sachs said oil could hit $20, and would see sustained low prices through the first quarter "so producers will move budgets down to reflect $40 a barrel oil for 2016. 

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Gold prices-Gold hit a fresh nine-week high above $1,100 an ounce on Friday, as investors sprinted to safe-haven assets due to jitters over the Chinese economy and tumbling stock markets. China's central bank is under increasing pressure from policy advisers to let the yuan currency fall quickly and sharply, by as much as 10-15 percent, as its recent gradual softening is thought to be doing more harm than good.

MCX Copper Tips-SHFE copper was stronger than LME copper overnight due to depreciation in Chinese yuan. US non-farm payrolls are the most eye-catching figures this week. A series of economic figures from US issued previously turned out to be upbeat and thus December’s non-farm payrolls should also perform well. Markets expect the figures to grow 200,000 people, slightly below November’s level. But dovish tones of meeting minutes are enough to support Fed’s rate hike and the rate hike path will depend on inflation and export.  

Crude oil prices-Oil prices rose more than 2 percent on Friday, following China shares higher after Beijing deactivated a circuit breaker mechanism that was blamed for aggravating equity market crashes, although a persistent global crude surplus kept a lid on gains. Oil prices plunged to 12-year lows in the previous session after China allowed its yuan currency to slip, sending stock markets tumbling globally. Beijing then suspended equities trading as the sharp falls triggered the circuit-breaking mechanism for a second time since its introduction this week.

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Gold prices-Gold traded near a seven-week high on Thursday as investors channeled money into the safe-haven metal amid a global stock market rout, worries over the Chinese economy and heightened geopolitical tensions. The minutes assured markets that the Fed would hike rates gradually this year. The minutes made clear that some officials will be wary of further increases if higher inflation does not materialize, and all agreed that persistently low inflation was a worry.

MCX Copper Tips-LME copper should move between USD 4,600-4,640/mt during Asian hours Thursday and SHFE 1603 copper will range RMB 36,000-36,500/mt on January 7. Markets are digesting the dovish tone of meeting minutes from Fed’s December interest rate meeting. Fed officials intended to raise interest rate at a slow pace and emphasized risky factors like strong dollar and Chinese slowing economy. And worries about inflation triggered caution in rate hike path. US dollar turned volatile after the release of meeting minutes.  

Crude oil prices-Brent crude futures fell to a fresh 11-year low on Thursday as a sliding yuan and an emergency halt in China's stock trading left Asian markets in a turmoil, while a huge supply overhang and near-record output levels also continued to drag on oil prices. Global oil prices have crashed 70 percent since mid-2014 as near-record output from major producers such as the Organization of the Petroleum Exporting Countries, Russia and North America has left storage tanks brimming with supplies.

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Gold prices-Gold retained gains from a two-day rally on Wednesday, buoyed as markets shifted away from risk amid escalating tensions in the Middle East, fears of a slowdown in China and a slide in global equities. Bullion is often seen as an alternative investment during times of geopolitical and financial uncertainty, though safe-haven rallies tend to be short-lived. The U.S. central bank's Federal Open Market Committee will release the minutes of its December policy meeting later on Wednesday.

MCX Copper Tips-LME copper should narrowly range USD 4,580-4,650/mt during Asian trading hours Wednesday. November’s PPI from euro zone is predicted to be disappointing given continuous drop in crude oil prices in November. In the same period, Germany’s PPI tumbled 2.5% YoY with energy prices down 7.1% from a year earlier. Of November’s manufacturing PMI in euro zone, the output sub-index continued falling. This will likely stimulate the ECB to further expand QE. US non-farm payrolls will be negatively affected, though the ADP figures pick up. However, US dollar will be little affected by those disappointing economic figures due to expectation for rate hike by Fed.

Crude oil prices-Oil prices edged higher on Wednesday, rebounding from near 11-year lows in the previous session as concerns over growing supply and rising stock levels outweighed tensions between key Middle East producers. Data from American Petroleum Institute (API), an industry group, showed crude stocks fell last week by 5.6 million barrels, while stocks at the Cushing, Oklahoma, and delivery hub rose by 1.4 million barrels.

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Gold prices-Gold added to an overnight surge in prices on Tuesday, as escalating geopolitical tensions in the Middle East and a global stock market rout triggered safe-haven bids for the metal. Bullion, often seen as alternative investment during times of geopolitical and financial uncertainties, benefited from the risk-averse sentiment along with the Japanese yen and U.S. bonds. San Francisco Federal Reserve President John Williams said there will be three to five U.S. interest rate hikes this year as reasonable given the strength of the U.S. economy.

MCX Copper Tips-LME copper should range USD 4,580-4,650/mt during Asian trading hours Tuesday with pressure from Chinese stock market. Eyes will be on flash reading of December’s CPI from euro zone and Italy on Tuesday and San Francisco Federal Reserve Chairman Williams’ speech. Rallies for base metals are in sight in China after panic in market was released on Monday. But risks from Chinese stock market should be warned. The flash reading of December’s CPI from Germany misses forecast and November’s level and Germany’s adjusted CPI in 2015 dropped to a new low since 1995. This indicates that CPI from euro zone for December should also be soft, which will depress euro but in turn support dollar.

Crude oil prices-Crude prices rose on Tuesday as Asian stock markets stabilized following heavy losses in the previous session, but weak oil market fundamentals with production levels persistently above global demand kept a lid on gains. In fact, ANZ said the tensions between Saudi Arabia and Iran "will further aggravate the oversupply situation in 2016. Traders said market intelligence firm Genscape reported a build of over 480,000 barrels in U.S. Cushing crude stocks for the week to Jan. 1.

  

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Gold prices-Gold inched up on Monday, bolstered by a jump in oil prices and safe-haven bids from rising geopolitical tensions in the Middle East. Higher oil prices support bullion, as gold is often seen as a hedge against oil-led inflation. In a reflection of bearish investor sentiment, assets of SPDR Gold Trust GLD , the top gold-backed exchange-traded fund, fell 0.18 percent to 642.37 tonnes on Thursday, close to a seven-year low.

MCX Copper Tips-Attention is turning to a series of December’s economic figures on January 4, including manufacturing PMI from each country and US non-farm payrolls. And US Fed will release December policy meeting minutes this week. SHFE base metals outperformed LME metals at that time and this was mainly due to expectation for pro-growth measures and output cut news from China. Chinese enterprises’ production and operating activities are expected to hit a recent year-low of 44.6, though sub-indexes of December’s official manufacturing PMI all reported growth, including new order, new export order, production, purchase and import.

Crude oil prices-Oil prices jumped over 2 percent in the first trading hours of 2016 as relations between Middle Eastern rivals Saudi Arabia and Iran deteriorated following Riyadh's execution of a prominent Shi'ite Muslim cleric. Saudi Arabia cut diplomatic ties with Iran on Sunday, responding to the storming of its embassy in Tehran in an escalating row between the two major oil producers over Riyadh's execution of cleric Nimr al-Nimr.

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Gold prices-Gold was steady on Thursday, ending the year down 10 percent for its third straight annual decline, ahead of another potentially challenging year in 2016 amid the prospect of higher U.S. interest rates and a robust dollar. Largely influenced by U.S. monetary policy and dollar flows, the price of gold fell 10 percent in 2015 as some investors sold the precious metal to buy assets that pay a yield, such as equities. 

MCX Copper Tips-SHFE copper started Thursday trading session at RMB 36,650/mt and once grew to RMB 36,720/mt. The decision is considered as an effort to counter the falling metal prices. Incidentally, copper prices have plummeted to near-6 year lows during the second half of 2015. It must be noted that the smelters had earlier agreed to cut production in 2016 by at least 350,000 tons. It was also agreed upon to deepen the planned production cuts in the event of further deterioration in prices and profitability.

Crude oil prices-Oil prices rose on Thursday but fell as much as 35 percent for the year after a race to pump by Middle East crude producers and U.S. shale oil drillers created an unprecedented global glut that may take through 2016 to clear. Global oil benchmark Brent and U.S. crude's West Texas Intermediate (WTI) futures rose between 1 and 2 percent on the day on short-covering and buying support in a thinly traded market ahead of the New Year holiday. 

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Gold prices-Gold was little changed on the last trading session of the year, but looked set to post its third straight annual loss, undermined by a robust dollar and prospects of higher U.S. interest rates. Next year too gold will be lower as U.S. interest rates will keep going higher, said a bullion trader in Hong Kong, adding that this will put pressure on other precious metals as well. Gold could drop to $1,000 or below but could recover slightly in the second half of the year, he said.

MCX Copper Tips-LME copper will narrowly range between USD 4,720-4,765/mt during Asian trading hours Thursday. Today is the last trading day of this year, which will see thin trading. Market attention will focus on US jobless claims last week and Chicago manufacturing PMI for December. Recently released US weekly jobless claims have been positive. Should last week’s jobless claims remain upbeat, market reaction will be mild. It is expected that Chicago manufacturing PMI will improve in December.

Crude oil prices-The immediate outlook for oil prices remains bleak, with some analysts like Goldman Sachs saying prices as low as $20 per barrel might be necessary to push enough production out of business and allow a rebalancing of the market. U.S. bank Morgan Stanley said in its outlook for next year that "headwinds growing for 2016 oil" citing ongoing increases in available global supplies despite some cuts particularly by U.S. shale drillers as well as a slowdown in demand as the main reasons.

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