Gold drifted higher on Thursday in Asia in cautious trade as investors - 20 Oct 2016


PRECIOUS METALS


Gold drifted higher on Thursday in Asia in cautious trade as investors looked ahead to the final of three U.S. presidential debates that may throw up some insights on economic policy plans by contenders Donald Trump and Hillary Clinton.Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.06% to $1,270.65 a troy ounce. Elsewhere in metal trading, silver futures for December delivery gained 0.25% to $17.707 a troy ounce.Overnight, gold prices held onto solid gains on Wednesday as a batch of mixed data on the U.S. housing market kept up pressure on the dollar.

BASE METALS


LME copper is expected to fluctuate between USD 4,650-4,680/mt on Thursday during Asian trading hours and SHFE 1612 copper will move at RMB 37,100-37,350/mt. In China’s domestic market, spot copper should trade at premiums of RMB 120-180/mt on Thursday.Interest rate decision by European Central Bank (ECB) and the third presidential debate in the US will be the focus of markets today. Base metals fell initially and then rose overnight, and will continue to diverge today.Eurozone annualized September CPI doubled that in August, meaning quantitative easing policy is showing result. The market thus expects Germany’s September PPI to improve.

ENERGIES


Oil prices dipped on Thursday on profit taking after markets rallied the previous day due to a draw in U.S. stocks and an expectation of an OPEC-led cut in production.Oil prices continued to rise overnight on optimism over OPEC supply restraint and weaker-than-expected inventories," ANZ bank said on Thursday. The overall mood in oil markets remained confident, with most analysts expecting further increases.Reuter’s technical commodity analyst Wang Tao said U.S. oil is expected to break a resistance zone of $51.67 to $52.11 per barrel, and then rise towards $52.78. Meanwhile, Brent oil may stabilize around a support at $52.49 per barrel and then retest a resistance at $53.45.

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