INTERNATIONAL COMMODITY NEWS :
- Gold prices rose in Asia on Wednesday in light trade with China market shut and holding steady from overnight ahead of Federal Reserve meeting minutes for September.On the Comex division of the New York Mercantile Exchange, gold for December delivery rose 0.06% to $1,147.10 a troy ounce.Overnioght, gold futures rose considerably on Tuesday amid a weaker dollar, as the International Monetary Fund cut its forecast for global economic growth for the second time this year.
- Crude oil prices gained in Asia on Wednesday as investors eyed a drop in U.S. stocks.The American Petroleum Institute’s weekly inventory report showed a drop of 1.2 million barrels last week for crude, though refined products data was not available.On the New York Mercantile Exchange, WTI crude for November delivery rose 0.64% to $48.79 a barrel.
- Copper climbed in thin trade on Wednesday as the end to a week of holidays in top consumer China neared, and an industry group revised its expectations from a surplus next year to a small deficit. A string of output cuts at copper miners in the past few months has provided fragile support for metals prices beaten down by sluggish demand growth in China, but analysts say more cuts or stronger demand are needed to boost prices.
ECONOMY NEWS :
- Banks and credit card companies may not force customers to sign away their legal rights to take part in class action lawsuits, under an early-stage U.S. government proposal that is likely to draw ire from Wall Street.The Consumer Financial Protection Bureau said on Wednesday the proposal marked the first step in the process of potentially drafting regulations to ban certain “free pass” arbitration clauses, often buried in fine print, that consumers must sign off on when opening financial accounts.
- Volkswagen (XETRA:VOWG) shares jumped more than 8% on Wednesday after CEO Matthias Mueller said it will start recalling cars fitted with emissions-rigging software in January and said all cars affected should be repaired by the end of 2016. The emissions rigging scandal is the largest crisis in Volkswagen’s 78-year history and it has wiped more than a third off its share price and sent shockwaves through the global car industry.
- India’s government has turned down the military’s request to expand the acquisition of 36 fighter planes from Dassault Aviation SA AVMD.PA to plug vital gaps, officials said, nudging it to accept an indigenous combat plane 32 years in the making. The push for India’s struggling Tejas light combat aircraft (LCA) also comes at a time when the air force is at its weakest operational strength since the 1962 war against China, which is causing anxiety within military circles.
TRADING STRATEGY :
- BUY GOLD ABOVE 1149 TARGET 1154 1161 SL 1143
- SELL GOLD BELOW 1140 TARGET 1135 1129 SL 1146