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12/01/2016 16:07 AST
Asia market started on a slightly positive note as the risk rout wanes somewhat, after heavy sell-off dried up market liquidity. AUD, NZD and regional stocks stabilized albeit at low levels, while gold and JPY retreat. Gold, copper and oil moved downward in tandem for the first time in several days.
Oil price traded heavy in Asia over a return of USD strength, after a free fall to 12-year low at 30.88 in New York. Crude price has fallen 19.5 percent since the high on January 4, bringing it closer to the 20 percent benchmark of a bear market. There seems to be no deterrence to price rout as US supply is forecasted to increase in upcoming EIA report, while gloomy outlooks preside over China and emerging markets.
Gold price halted its overnight slide just ahead of Friday’s low at 1092.8. Mixed sentiment in Asia may keep the metal in a range unless Europe and US sessions induce different actions. Nevertheless holding interests should sustain in gold and other safe haven assets given unremitting growth worries.
Copper price also traded flat around overnight levels, albeit a dip to new low 1.9635 after a slightly lower Chinese Yuan fix. Mixed trading of regional stocks indicate a potential return of risk appetite with Shanghai Composite posting 0.38 percent gains. Any change in sentiment throughout this week would benefit copper and industrial metals.
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Daily FX
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
(In US Dollar) | Change | Change(%) | |
---|---|---|---|
Gold | 1,332.2 | -8.6 | -0.64 |
Silver | 16.4 | -0.21 | -1.23 |
Platinum | 923 | -9 | -0.97 |
Palladium | 929 | -3 | -0.32 |
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