INTERNATIONAL COMMODITY NEWS :
- Gold prices rose slightly on Thursday but held near six-year lows as investors braced for a hike in interest rates by the Federal Reserve next month.Gold for December delivery on the Comex division of the New York Mercantile Exchange tacked on $6.10, or 0.56%, to trade at $1,074.80 a troy ounce during European morning hours.
- Copper prices fell to the lowest level since May 2009 on Thursday, as investors continued to cut holdings of the red metal amid bearish chart signals.Copper for December delivery on the Comex division of the New York Mercantile Exchange shed 0.1 cents, or 0.03%, to trade at $2.077 a pound during morning hours in London.
- U.S. crude oil prices edged up in early trading in Asia on Thursday but are struggling to break away from the $40 per barrel mark as oversupply and high inventory levels ensure an ongoing glut.U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $40.88 per barrel at 0031 GMT, up 13 cents from their last settlement.
ECONOMY NEWS :
- The Chinese business environment remains uncertain, according to executives atChina’s largest firms. Confidence pulled back in November after surging in the monthbefore as a fall in demand outweighed the positives from cheaper credit and a reported improvement in companies’ financial positions
- Japan’s all industry activity fell a seasonally adjusted 0.2 percent month-over-month in September, following a 0.1 percent drop in August, figures from the Ministry of Economy, Trade and Industry showed Thursday. It was expected to rise by 0.2 percent. The index measuring construction activity dipped 1.8 percent over the month and tertiary activity index slid by 0.4 percent.
- U.S. and UK banks charge on average more than 7 percent for international money transfers worth $1000 (654 pounds), several times the average cost at a new group of web providers, the first detailed study of the market showed on Thursday.The report by FXCompared.com begins a regular monthly index measuring the effective cost of shifting money through both banks and the money transfer companies that have begun to put pressure on a business previously regarded as a big cash cow for lenders.
TRADING STRATEGY :
- BUY GOLD ABOVE 1075 TARGET 1080 186 SL 1070
- SELL GOLD BELOW 1065 TARGET 1060 1054 SL 1071