INTERNATIONAL COMMODITY NEWS :
- Copper futures fell 0.36% to Rs 341.25 per kg today as speculators trimmed their positions amid a weak trend in global markets.Low demand from consuming industries at domestic spot market also put pressure on prices.At the Multi Commodity Exchange, copper for delivery in November contracts declined by Rs 1.25, or 0.36%, to Rs 341.25 per kg in a business turnover of 3,417 lots.
- Gold futures struggled for direction on Wednesday, as investors continue to speculate over the timing of a U.S. rate hike.Investors have been trying to gauge when the Federal Reserve will raise interest rates for the first time in nearly a decade after recent economic reports offered a mixed picture of the U.S. economic growth.
- Oil prices fell on Wednesday after data from an industry group showed a larger-than-expected build in U.S.crude inventories last week, fanning worries over global oversupply, even as a slightly weaker dollar provided some support.Brent crude for December delivery LCOc1 had fallen 16 cents to $48.55 a barrel by 0144 GMT after settling up 10 cents in the previous session.
ECONOMY NEWS :
- Japan’s all industry activity eased for the second straight month in August, figures from the Ministry of Economy, Trade and Industry showed Wednesday. The all industry activity index dropped a seasonally adjusted 0.2% month-over-month in August, following a 0.1% drop in the previous month.
- U.S. corn harvest progress pushed ahead of the five-year average this week, the U.S. Department of Agriculture (USDA) reported on Oct. 19. With 59% of the crop harvested as of Oct. 18, ranging from 93% of the Tennessee crop to 25% of Colorado, total progress moved ahead of the five-year average by five percentage points.farmers work hard to get it in the bins.
- China and Britain have renewed their bilateral local currency swap agreement for a further three years, and increased the swap line from 200 billion yuan to 350 billion yuan (£35.72 billion), the People’s Bank of China (PBOC) said on Wednesday. he renewed pact, announced during a state visit to Britain by Chinese President Xi Jinping, will provide liquidity support for the renminbi market in London and help finance bilateral trade and investment deals, the PBOC said in a statement on its website.
TRADING STRATEGY :
- BUY GOLD ABOVE 1180 TARGET 1185 1191 SL 1174
- SELL GOLD BELOW 1172 TARGET 1166 1161 SL 1177