Gold prices fell in Asia on Monday with focus on prospects for a U.S. rate - 12 Sep 2016

Commodity Intraday Tips


Gold prices fell in Asia on Monday with focus on prospects for a U.S. rate hike as key Fed policymakers continue to stress the need to act even as data sets key for any decision show mixed progress.Gold futures for December delivery on the Comex division of the New York Mercantile Exchange eased 0.18% to $1,332.05 a troy ounce. Also on the Comex, silver futures for December delivery dropped 1.30% to $19.117 a troy ounce.At the same time, PPI figures from Japan showed a 0.3% fall in August month-on-month, compared with a decline of 0.2% expected and a drop of 3.6% year-on-year, compared with a 3.5% decline seen. 


LME copper should range between USD 4,615-4,655/mt on Monday and SHFE 1611 copper will move at RMB 36,400~36,700/mt. There will be only three trading days this week due to China’s Mid-Autumn Festival on September 15-17 and investors may exit market for safety. The upcoming holiday boosts expectation for pre-holiday stocking building and this will also make longs keep cautious.A series of economic figures from China will be in focus this week, including August retail sales, value-added at above-scale industrial enterprises, fixed-asset investment and investment in property market. The recovery in industrial product prices helped declines in PPI narrow in August with eyes on national and private infrastructure investment and investment in property market.


Crude oil prices fell further on Monday in Asia with the outlook for a freeze on output by major producers looking increasingly unlikely this month though comments at the weekend suggested talks are still going on. U.S. crude oil for delivery in October dropped 1.79% to $45.06 a barrel. OPEC members are set to discuss a potential production cap at an informal meeting on the sidelines of an energy conference in Algeria between September 26-28.  But many market participants remain doubtful that talks will result in any agreement aimed at propping up prices.Instead, most believe that oil producers will continue to monitor the market and possibly postpone freeze talks to the official OPEC meeting in Vienna on November 30.

Get Free Silver Tips With Profitable Calls By Our Expert Researcher, Amazing MCX Bullion Tips, Profitable Commodity Trading Tips, Sureshot Profit Crude Oil Tips...
Visit- CapitalStars
For More Detail You Can Call On:- 0731-6669900, 6790000


No comments:

Post a Comment