* China’s second quarter GDP at 6.9%; beats expectations.
* LME Copper stocks plunged by 1.6 percent on Friday.
* BoJ, ECB monetary policy due this week.
European markets are trading higher after better than expected Chinese growth numbers. Asian markets are trading higher and the US stock futures are trading in the green.
Gold prices are trading higher by 0.17 percent at $1230 per ounce while MCX gold prices are trading higher by 0.15 percent at Rs.28037 per 10 gms. Gold prices edged up on Monday as the U.S. dollar fell to multi-month lows after the prospect for further interest rate hikes in the United States this year dimmed following softer U.S. economic data last week.
LME Copper prices are trading higher by 0.9 percent at $5983/t and touched levels last seen in Mar’17 as Chinese economy grew at a stable 6.9 percent in the second quarter, defying fears of a serious slowdown in the mainland nation. Further, industrialproduction growth surged to 7.6 percent in June after staying at 6.5 percent in April and May. Also, decline of 1.6 percent in LME stocks is acting as a positive factor.MCX copper prices are trading higher by 1 percent at Rs.387.3 per kg
WTI oil prices are trading higher today by 0.28 percent at $46.67 per barrel while MCX oil prices are trading higher by 0.43 percent at Rs.3003 per barrel.Oil rose above $49 a barrel on Monday as a slowdown in the growth of rigs drilling in the United States eased concern that surging shale supplies will undermine OPEC-led cuts.
MARKET OUTLOOK :
Gold prices will trade higher today as the prospects of hike in the interest rates look dim now being the dovish tone of central bankers in the US in the recent meeting.
Oil has risen in the recent weeks on account of bargain hunting at lower levels, while increasing production from Nigeria and Libya is creating further supply overhang in oil markets. Trade with caution in oil.
Copper process will likely trade higher today as Chinese second-quarter GDP growth turned up at 6.9 percent, rebuffing serious concerns about economic outlook.