Gold gains in Asia, copper jumps as China PMI surveys mixed
Gold prices gained mildly in Asia on Tuesday as separate China manufacturing surveys showed mixed estimates, but both remained in contraction. On the Comex division of the New York Mercantile Exchange, gold for February delivery rose 0.24% to $1,067.90 a troy ounce3. Silver for December delivery rose 0.25% to $14.085 a troy ounce, while copper for March delivery jumped 0.72% to $2.603 a pound. The China official manufacturing PMI for November fell to 49.6, compared to 49.8 seen and the same level the previous month, while the Caixin manufacturing PMI rose to 48.6, compared to 48.3 expected and the same level for the previous month.
Crude oil prices remain weak ahead of OPEC meeting
Crude oil prices held at low levels in early trading in Asia on Tuesday as traders bet on continued high production from the Organization of the Petroleum Exporting Countries (OPEC) ahead of its meeting later this week.
U.S. crude was trading at $41.86 per barrel at 0209 GMT on Tuesday, up 21 cents, but still more than 10 percent down since the start of November. Internationally traded Brent futures were at $44.66 a barrel, up five cents. "The focus for markets this week will be the 168th OPEC Conference on Friday and U.S. crude oil inventories. The market will now be expecting crude oil stocks to decline through to the end of the year, in line with seasonal patterns. A failure to do so could see WTI crude fall through $40 per barrel in coming weeks," ANZ said on Tuesday.
On OPEC policy, which is heavily influenced by its biggest producer, Saudi Arabia, the bank said that it expected "to see Saudi Arabia hold and keep oil production steady in the face of declining prices."
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