INTERNATIONAL COMMODITY NEWS :
• Crude oil prices rebounded smartly in early Asia on Friday as investors pulled back from recent bearish sentiment on supply. On the New York Mercantile Exchange, West Texas intermediate which expired at settlement Thursday, settled up 0.8% at $84.47 a barrel on ICE Futures Europe Thursday. December futures rose 2% to $85.82 a barrel The U.S. Energy Information Administration reported early that U.S. crude stockpiles rose by 8.92 million barrels last week, exceeding market forecasts for a gain of 2.78 million barrels.
• Gold prices held nearly flat in early Asia on Friday with few immediate data cues in the region on the day ahead On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,238.80 a troy ounce, down 0.01%, after hitting an overnight session low of $1,236.10 and off a high of $1,245.50. gold futures traded steady to lower,
• Natural gas futures moved lower on Thursday on news of rising U.S. stockpiles, while forecasts for mild fall weather also pressured the commodity lower, though bottom fishing brought prices up from earlier lows. On the New York Mercantile Exchange, natural gas futures for delivery in November were down 0.12% at $3.796 per million British thermal units during U.S. trading. The commodity hit a session low of $3.750, and a high of $3.83, Natural gas futures were likely to find support at $3.725 per million British thermal units, the low from July 28, and resistance at $3.955, Tuesday’s high.
• Crude futures slid on Thursday after data revealed U.S. inventories rose more than markets were expecting last week, while soft Chinese inflation figures softened the commodity as well by stoking concerns that global supply far outstrips demand In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded down 0.42% at $81.44 a barrel during U.S. trading. New York-traded oil futures hit a session low of $79.86 a barrel and a high of $81.79 a barrel.
• Gold futures traded steady to lower on Thursday, buoyed earlier after soft Chinese inflation data sparked global growth concerns that fueled safe-haven demand for the precious metal, though upbeat U.S. data kept the commodity in negative territory On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,241.60 a troy ounce, down 0.26%, up from a session low of $1,236.10 and off a high of $1,245.50 .Futures were likely to find support at $1,220.00 a troy ounce, Wednesday’s low, and resistance at $1,25.30, Wednesday’s high. Official data released on Wednesday showed that Chinese inflation for September slowed to 1.6% on-year from 2.0% in August, below expectations for a reading of 1.7%.
TRADING STRATEGY :
- BUY GOLD ABOVE 1242 TGT 1246,1251 SL 1237
- SELL GOLD BELOW 1232 TGT 1228,1223 SL 1237