International live Metals News and Pricing

Aluminium prices hit their lowest in two months on Tuesday, while copper also slid after poor industrial data from China, the world's biggest metals consumer, and a further fall in oil prices. Activity in China's factory sector contracted in December for the first time in seven months, the latest in a string of weak economic indicators. 

Broader market sentiment was soured as Brent oil futures fell below $59 per barrel for the first time since May 2009, while the rouble plunged more than 10 percent for a second day and recorded its biggest fall since the Russian financial crisis in 1998.

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Precious Metals Gold & Silver Headlines

Gold commodity marked its second weekly gain at the international and domestic markets with the yellow metal riding higher on the back of losses in major equity markets globally and good slide in US Dollar Index (USDX).

Silver too advance this week with the commodity once again rising around 5% and managing a decent outperformance over gold.

Silver owing to its higher beta and speculation that continued set of weaker Chinese economic data would force the government and its central bank to add more stimulus, gained more weight last week to $17 per ounce at Comex.

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GOLD

The most-active gold for April delivery on India’s Multi Commodity Exchange (MCX) ended down 0.31 percent on Tuesday at 28,280 rupees per 10 grams.

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U.S.MARKET UPDATE

The US markets eased off their worst levels however they still closed lower, led by materials and energy, amid worries over global weakness and some disappointing economic data. All three major indices tumbled 1% across the board at their session lows. However, there was some attempt at a partial recovery in the late afternoon led primarily by financials. The CBOE volatility index finished below 16 after spiking nearly 10% earlier in the session.

Dow Jones Industrial Average shed 71.52 points at 13126.21. Nasdaq Composite slipped 15.39 points at 3104.96. Standard & Poor’s 500 was down 6.98 points at 1405.54.

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