INTERNATIONAL COMMODITY NEWS :
- Copper prices tumbled to five-week lows on Thursday, as the U.S. dollar rallied after Federal Reserve Chair Janet Yellen pointed to a possible December interest rate hike.Copper for December delivery on the Comex division of the New York Mercantile Exchange slumped 3.6 cents, or 1.56%, to trade at $2.286 a pound during morning hours in London. It earlier fell to $2.285, the lowest since October 2. A day earlier, copper prices dipped 0.8 cents, or 0.34%.
- Oil prices rose on Thursday, paring some of the losses incurred a day earlier after data showed U.S. inventory levels had risen for a sixth week and mounting evidence of weakness spreading through the physical market.A day earlier, oil fell by nearly 4 percent after the Energy Information Administration saidU.S. crude inventories added 2.85 million barrels last week, in line with forecasts, despite a drop in imports to their lowest level since 1991.
- Gold prices rose 0.12% to Rs 25,802 per 10 gram in futures trade today as speculators created fresh positions, taking positive cues from global markets.At the Multi Commodity Exchange, gold for delivery in December was up by Rs 31, or 0.12%, to Rs 25,802 per 10 gram, in a business turnover of 842 lots.
ECONOMY NEWS :
- Germany’s factory orders fell 1.7 percent month-on-month in September, confounding expectations for a 1 percent rise, data from Destatis revealed Thursday. This was the third consecutive fall in orders. Orders had declined 1.8 percent in August and 2.2 percent in July. Domestic orders slid 0.6 percent and foreign orders dipped 2.4 percent.
- UK house prices increased 1.1 percent in October from a year ago, reversing a 0.9 percent drop in September, survey data from the Lloyds Banking Group’s Halifax division revealed Thursday. Prices in the three months to October were 9.7 percent higher than in the same three months a year earlier. It was faster than a 8.6 percent rise seen in September. On a sequential basis, house prices increased 2.8 percent versus 2 percent rise in three months to September.
- Renewable energy supply in eight major economies will collectively more than double by 2030 due to new national climate and energy plans, according to a study by the think tank World Resources Institute (WRI). Total clean energy supply from eight of the world’s 10 largest greenhouse gas emitters – Brazil, China, the European Union, India, Indonesia, Japan, Mexico and the United States -will jump to 20,000 terawatt hours (TWh) from around 9,000 TWh in 2009.
TRADING STRATEGY :
- BUY GOLD ABOVE 1112 TARGET 1117 1123 SL 1106
- SELL GOLD BELOW 1106 TARGET 1101 1095 SL 1111