INTERNATIONAL COMMODITY NEWS :
• Copper futures inched higher on Tuesday, as weak Chinese industrial profits data reinforced views that Beijing will roll out additional support measures for the world’s second largest economy.Copper for December delivery on the Comex division of the New York Mercantile Exchange tacked on 2.0 cents, or 0.85%, to trade at $2.377 a pound during morning hours in London. A day earlier, copper rose 0.7 cents, or 0.3%. Data released earlier showed that Chinese industrial profits slipped 0.1% from a year earlier in September, compared to an 8.8% tumble in the previous month. Copper prices have been under pressure in recent sessions as persistent worries about future demand from top consumer China weighed.
• Gold futures were little changed on Tuesday, as investors stuck on the sidelines ahead of the Federal Reserve’s two-day monetary policy meeting due to begin later in the day.Gold for December delivery on the Comex division of the New York Mercantile Exchange inched down 10 cents, or 0.01%, to trade at $1,166.10 a troy ounce during European morning hours.Investors were looking ahead to the Fed’s monetary policy statement on Wednesday for any fresh indications on when it may start to hike interest rates.Meanwhile, the U.S. is to release data on durable goods orders at 8:30AM ET on Tuesday, as investors look for fresh readings on the strength of the economy. Gold traders have been trying to gauge when the Fed will raise interest rates for the first time in nearly a decade after recent economic reports offered a mixed picture of the U.S. economy.
• Oil prices fell on Tuesday, extending losses into a third week, on worries over a supply glut and with U.S. inventory data expected to show another increase in crude stocks.Brent (LCOc1) for December delivery had fallen 38 cents to $47.16 a barrel by 0701 GMT, after settling the previous session down 45 cents.U.S. crude (CLc1) for December delivery dropped 53 cents to $43.45 a barrel, having ended the day before down 62 cents.The U.S. benchmark broke a technical support, dropping 65 cents, to hit a nine-week low earlier in the session.An expected further build in U.S. crude stocks last week again raised concerns of an oversupplied market, said Ric Spooner, chief market analyst at Sydney’s CMC Markets.
TRADING STRATEGY :
- BUY GOLD ABOVE 1167 TARGET 1172 1178 SL 1161
- SELL GOLD BELOW 1162 TARGET 1157 1151 SL 1168