PRECIOUS METALS Gold prices are expected to move higher as investors assessed Greece’s political crisis, including the potential for the country’s exit from the euro zone stronger dollar. Prices are under pressure on Gold ETF holding moving down. Silver iShares came down by 176 tonnes at 10335 tonnes while holdings in the SPDR Gold Trust, the biggest gold-backed ETP, fell by 2 tons to 710.90 metric tons, the least since December 2008. BASE METALS Base metals would trade range bound during the day. A stronger dollar which rose above 91.5 level would push metals prices lower as U.S. economy grew at a 5.0 percent mark in the third quarter. There are expectations that the European Central Bank would take bolder steps on stimulus this month on Jan 22nd which would keep downside limited in metals. ENERGY Crude oil prices may remain under selling pressure on account of OPEC pumped above its quota for a seventh month in December even as U.S. production expanded to the highest level in more than three decades. Russia oil output rose 0.3 percent in December to a post-Soviet record of 10.667 million barrels a day. OPEC trimmed its demand growth for the next year and said oil market would remain in 1.83 mbpd surplus in H1 2015. Saudi Arabia saying that its difficult to lose market share makes us believes the nation is not going to cut production any time sooner. Sell on rise in crude oil
Posted on: Mon, 05 Jan 2015 06:30:25 +0000
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