INTERNATIONAL COMMODITY NEWS :
- Copper futures traded 0.66% lower at Rs 346 today on speculators reducing their positions amid weak global cues. At the Multi Commodity Exchange, copper for delivery in November fell by Rs 2.30, or 0.66% at Rs 346 per kg, in a business turnover of 1,369 lots.Similarly, the metal for delivery in far-month February next year was down by Rs 2.20, or 0.62%, at Rs 352 per kg in 51 lots.
- Gold fell nearly 1 percent on Tuesday, retreating from a three-month high on profit-taking after a two-day rally triggered by expectations the Federal Reserve will not hike U.S. interest rates this year. “It has been an impressive rally for the precious complex since the nonfarm payrolls 10 days ago, however it looks like the momentum is now starting to wane,” said James Gardiner, a bullion trader with MKS Group.
- Crude oil futures climbed on Tuesday, buoyed by light bargain-hunting after U.S. and Brent crude in the previous session posted their biggest daily percentage declines since the start of September.But a supply surplus and expectations of higher crude inventory stockplies in the United States limited gains.
ECONOMY NEWS :
- China has completed the construction of the Zangmu hydropower facility in Tibet, the largest so far to be built in the region, the company in charge of building the project said on Tuesday. India has expressed concern that upstream dams could disrupt downstream water supplies.Chinese foreign ministry spokeswoman Hua Chunying said on Tuesday that the two sides continue to communicate on the issue.
- Germany’s investor confidence index fell to 1.9 in October from 12.1 in September, survey data from the Mannheim based Centre for European Economic Research or ZEW showed Tuesday. This was the lowest score since October 2014, when it stood at -3.6. At the same time, current assessment deteriorated in October. The corresponding index fell to 55.2 from 67.5 in September. The reading was the lowest since March 2015, when the score was 55.1.
- UK consumer prices dropped 0.1 percent year-on-year in September, after staying flat in August, the Office for National Statistics showed Tuesday. Consumer prices last declined in April, when it was down 0.1 percent. Core inflation that excludes energy, food, alcoholic beverages and tobacco, remained unchanged at 1 percent in September. On a monthly basis, consumer prices slid 0.1 percent, confounding expectations for a flat change.
TRADING STRATEGY :
- BUY GOLD ABOVE 1160 TARGET 1165 1171 SL 1155
- SELL GOLD BELOW 1150 TARGET 1145 1139 SL 1156