INTERNATIONAL COMMODITY NEWS :
- Crude prices rebounded sharply in early Asia on Friday as overnight declines provided a new buying opportunity even as the U.S. remains significantly oversupplied.On the New York Mercantile Exchange, WTI crude for November delivery jumped 1.19% to $46.93 a barrel.Overnight, U.S. crude futures fell to the lowest level in more than a week on Thursday, as a considerable build in crude stockpiles last week exacerbated concerns over a glut of oversupply on global energy markets.
- Gold prices slid lower in European morning hours on Friday, as investors locked-in profits from the metal’s rise to four month highs on Thursday and as the dollar regained some strength after the release of positive U.S. jobless claims and inflation data. Overnight, gold futures moved to fresh three month highs on Thursday, as relatively soft U.S. inflation data appeased dovish sentiments for delaying an interest rate hike by the Federal Reserve beyond the end of the year.
- Silver prices moved down by 0.38 per cent to Rs 37,370 per kg in futures trade today as participants locked-in gains at prevailing levels amid weak trend overseas.In futures trade, silver for delivery in December moved down Rs 143, or 0.38 per cent, to Rs 37,370 per kg at the Multi Commodity Exchange. It clocked a business turnover of 375 lots.
ECONOMY NEWS :
- China will aim to have the capacity to make 30 million autos a year by 2020, according to an industry association, a figure that is lower than analysts’ estimates of its current annual production capacity. It also aims to lift the market share of Chinese brand vehicles to more than 60 percent, from roughly 41 percent of the passenger car market so far this year, to create five globally competitive automakers.
- U.S. holiday sales are expected to rise a modest 2.8 percent in 2015, as a sluggish economic recovery is likely to weigh on consumer spending, analytics firm RetailNext said on Friday.The company, which tracks large U.S. retailers and specialty stores, also expects foot traffic to drop 8.1 percent during November and December from a year ago.
- Eurozone’s August seasonally adjusted trade surplus fell to EUR 19.8 billion from EUR 22.4 billion in July, figures from Eurostat showed Friday. Exports dropped 1.3 percent from July, while imports grew 0.2 percent. On a non-seasonally adjusted basis, the trade surplus rose to EUR 11.2 billion from EUR 7.4 billion from a year ago. Exports rose 6 percent and imports increased 3 percent.
TRADING STRATEGY :
- BUY GOLD ABOVE 1180 TARGET 1185 1191 SL 1174
- SELL GOLD BELOW 1170 TARGET 1165 1159 SL 1176