INTERNATIONAL COMMODITY NEWS :
- Copper prices rose to a one-week high on Wednesday, after mining giantGlencore (L:GLEN) announced further supply cuts of the red metal.Copper for December delivery on the Comex division of the New York Mercantile Exchange tacked on 1.6 cents, or 0.69%, to trade at $2.347 a pound during morning hours in London. It earlier rose to $2.352, the highest since October 28. A day earlier, copper prices inched up 1.1 cents, or 0.5%.
- Gold prices struggled near five-week lows on Wednesday, as investors looked ahead to key U.S. data later in the day for further indications on the strength of the economy and the likelihood of a near-term interest rate hike.Gold for December delivery on the Comex division of the New York Mercantile Exchange inched up $4.60, or 0.41%, to trade at $1,118.70 a troy ounce during European morning hours.
- Oil prices slipped in thin trading on Wednesday as investors took profit from the previous session’s rally, although supply disruptions in Brazil and Libya helped to limit the losses.Brent futures for December delivery had fallen 13 cents to $50.41 at barrel by 0546 GMT, after ending the last session up $1.75, or 3.6 percent.U.S. crude for December delivery dropped
ECONOMY NEWS :
- Japan’s seasonally adjusted consumer confidence index rose to 41.5 in October from 40.6 in September, survey data from the Cabinet Office showed Wednesday. The survey was conducted on October 15 among 8,400 households and the response rate was 65.5 percent. All sub-components of consumer confidence climbed from previous month. The overall livelihood sub-index rose to 39.6 in October from 38.8 in September. Similarly, the index measuring income growth increased to 40.0 from 39.4.
- The MNI India Consumer Sentiment Indicator dropped 1.1% to 114.1 in October from 115.3in September, the lowest level since the start of the survey in November 2012. Rate cutshave done little to stop the decline in consumer sentiment throughout 2015 and this monthproved no different, with consumers unstirred by the late September 50 basis point cut toboost economic growth.
- Indian Finance Minister Arun Jaitley expressed confidence on Wednesday that he would be able to pass a new goods and services tax (GST), saying opposition to the reform would crumble when it comes to a parliamentary vote.”GST is only a question of time,” Jaitley told an economic conference in New Delhi.The opposition Congress party and its allies have been able to block the measure because Prime Minister Narendra Modi’s nationalist coalition lacks a majority in the upper house of parliament.
TRADING STRATEGY :
- BUY GOLD ABOVE 1120 TARGET 1125 1131 SL 1114
- SELL GOLD BELOW 1110 TARGET 1105 1099 SL 1116