On Friday, the S&P/ASX 200 Index (ASX: XJO) ended the week with a small gain. The benchmark index rose 0.25% to 7,038.7 points.
Will the market be able to build on this on Tuesday? Here are five things to watch:
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ASX 200 expected to rise
The Australian share market looks set to rise again on Tuesday following a decent night of trade in Europe. According to the latest SPI futures, the ASX 200 is poised to open the day 31 points or 0.5% higher. In Europe, the DAX rose 1.05% and the CAC climbed 1.9% amid upbeat economic data. Wall Street was closed for a public holiday.
Oil prices rise
Energy producers such as Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a good day after oil prices pushed higher overnight. According to Bloomberg, the WTI crude oil price is up 2.7% to US$80.51 a barrel and the Brent crude oil price is up to US$85.91 a barrel. Oil prices rose on demand optimism.
Lithium miners on watch
It could be a better day for lithium miners such as Mineral Resources Ltd (ASX: MIN) and Pilbara Minerals Ltd (ASX: PLS) on Tuesday. On Wall Street on Friday, US-listed lithium miners such as SQM had a decent session. This has been followed up with a positive showing for European listed lithium shares overnight.
Gold price rises
Gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a decent day after the gold price rose overnight. According to CNBC, the spot gold price is up 0.2% to US$1,830.1 an ounce. Optimism that rates may not rise as much as feared has boosted the precious metal recently.
No RBA meeting
Borrowers can breathe a sigh of relief today. It may be the first Tuesday of the month, but the Reserve Bank will not be meeting to discuss the cash rate. The central bank doesn't hold monetary policy meetings in January, so rates will stay as they are until at least the start of February.
