INTERNATIONAL COMMODITY NEWS :
• Gold prices dipped in Asia on profit taking and ahead of a key Federal Reserve announcement on monetary policy this week.On the Comex division of the New York Mercantile Exchange, goldfutures for December delivery traded at $1,233.50 a troy ounce, down 0.13%, after hitting an overnight session low of $1,226.40 and off a high of $1,239.00. Overnight, gold prices rose after mixed U.S. data gave investors room to snap up nicely-priced positions in the commodity. In a report, the Federal Reserve Bank of New York said that its general business conditions index increased to a five-year high of 27.5 this month from 14.7 in August. Analysts had expected the index to rise to 16.0 in September A separate report showed that U.S. industrial production fell 0.1% last month, disappointing forecasts for a 0.3% gain. Industrial production for July was revised down to a gain of 0.2% from a previously reported increase of 0.4%.
• Crude oil prices eased ahead of industry data on U.S. stocks and as a weak demand profile against ample supplies continued to weigh.On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded at $91.89 a barrel, down 0.11%, after hitting an overnight session low of $89.90 a barrel and a high of $91.83 a barrel. The global Brent oil contract on the ICE Futures Europe exchange fell 0.5% to $96.65 a barrel, the lowest settlement since June 28, 2012. Brent is down 17% from the 2014 high reached in mid-June. The October Brent contract expired with the close of trading Monday.
• Oil prices rose in U .S. trading on Monday after mixed data weakened the U.S. dollar, though soft Chinese factory data capped oil’s gains. The November contract settled down 0.53% at $91.37 a barrel on Friday.
• Natural gas prices rose on Monday after updated weather-forecasting models called for seasonably warm temperatures across the southern U.S., which should boost demand for air conditioning. natural gas futures for delivery in October were up 1.44% at $3.913 per million British thermal units during U.S. trading. The commodity hit a session low of $3.840, and a high of $3.952. The October contract settled up 0.89% on Friday to end at $3.857 per million British thermal units. light sweet crude oil futures for delivery in November were up 0.27% at $91.62 a barrel, while heating oil for October delivery were up 0.13% at $2.7441 per gallon.
• Copper futures started the week lower on Monday, after data showed that China’s factory output grew at the weakest pace in nearly six years in August, adding to concerns over a slowdown in the world’s second largest economy.
- BUY GOLD ABOVE 1238 TGT 1242,1247 SL 1233
- SELL GOLD BELOW 1232 TGT 1228,1223 SL 1237