Commodity Outlook: Buy copper on dips, sell crude oil on rise

Gold prices are hovering at four-week lows and market participants are waiting for a direction, which it will get after the ECB policy meet scheduled today. Market has already factored in a rate cut although the comments from the ECB governor Draghi and his stance on the easing tools used (if any) will be important to watch for. Next week also will be important for the market participants following the Fed policy meeting.

Base metals pack traded mixed as optimism from a decision by Beijing to exempt some US goods from additional tariffs, potentially easing tensions outweigh concerns over China’s economic outlook after a sharp fall in Chinese auto sales underlined fears of weaker demand. China’s total auto sales fell 6.9% from the same month a year earlier to 1.96 million.