INTERNATIONAL COMMODITY NEWS :
- Copper gained on Wednesday. Copper ended the day at Rs 349.20 on 14 October 2015 against 346.90 per kg on 13 October 2015. On Wednesday trading gains are expected to get resisted at Rs 352 and 354 per kg. Supports for Copper is at Rs 345 and Rs 344 per kg. The high for Copper on Wednesday was at Rs 349.45 per kg, and a low of Rs 344.85 per kg was tested. Open interest was at 15928 on 14 October 2015 against on 15277 on 13 October 2015.
- Gold gained in the intraday trades ending Wednesday. The session saw Gold closing at Rs 27206 per 10 grams on 14 October 2015 against Rs 26979 on 13 October 2015. Resistance for Gold is towards Rs 27300 and Rs 27500. Support in Gold towards Rs 26800 is active. Gold price tested a high of Rs 27290 per 10 grams on 14 October 2015 and a low of Rs 26900 per 10 grams.
- Crude prices fell in Asia Thursday on reports of a major build in industry estimates of U.S. stockpiles.The American Petroleum Institute reportedly said that crude supplies jumped by by 9.3 million barrels for the week ended Oct.9, MarketWatch said, citing sources.Separately, Thursday’s government report could show that U.S. crude stockpiles rose by 2.8 million for the week ending on Oct. 9.
ECONOMY NEWS :
- Japan’s industrial output fell 1.2 percent in August from July, which was bigger than a 0.5 percent drop estimated initially, reports from the Ministry of Economy, Trade and Industry showed Thursday. The decline in shipment was revised to 0.7 percent from 0.5 percent. Inventories rose 0.3 percent instead of 0.4 percent, the ministry said. At the same time, the inventory ratio was revised up to 6.2 percent from 6.1 percent. Capacity utilization logged a monthly drop of 0.9 percent after easing 0.2 percent in July. On a yearly basis, it slid 2.3 percent.
- Australia unemployment rate came in at a seasonally adjusted 6.2 percent in September, the Australian Bureau of Statistics said on Thursday, in line with forecasts and unchanged from the previous month. The Australian economy lost 5,100 jobs in September to 11,769,900 following the upwardly revised 18,100 increase in August (originally 17,400).
- A rate hike by the Federal Reserve could have greater global repercussions than in the past because the economy has changed and central banks have little experience moving away from interest rates of zero, European Central Bank Vice President Vitor Constancio said.
TRADING STRATEGY :
- BUY GOLD ABOVE 1187 TARGET 1192 1198 SL 1181
- SELL GOLD BELOW 1180 TARGET 1175 1169 SL 1186