Precious Metals 

Precious metals are expected to open flat and sideways trading could continue this week due to lack of triggers. Slight weakness in US equities and dollar underpinned strength in gold prices yesterday. Last week, data showed that the U.S. economy grew at its fastest pace in more than two years in the third quarter. The GDP grew at 3.2%, led by strong business spending, and is poised for further growth next year due to the latest tax cuts passed by Congress. 

Base Metals 

Base metals have been sideways over the last couple of session, while copper been outperforming trading at the highest in almost four years as Chinese officials stepped up pollution-fighting efforts by halting processing plants. Jiangxi Copper Co., China’s largest producer, received the order to stop output for at least a week before a further assessment based on local pollution levels. 

Energy 

Crude oil prices jumped sharply yesterday with WTI prices touching $60 after reports that gunmen blew up a pipeline in Libya. The crude oil pipeline feeds the Es Sider sea terminal and has a capacity of around 90,000 bpd. A supply disruption at a time when OPEC has cut its supply is helping oil prices further.