INTERNATIONAL COMMODITY NEWS :
- Copper prices inched lower on Wednesday, as traders booked profits from the previous session’s sharp rally, which came on the back of a weaker dollar.Copper for March delivery on the Comex division of the New York Mercantile Exchange dipped 0.6 cents, or 0.28%, to trade at $2.063 a pound during morning hours in London.
- Gold extended gains from the prior session on Wednesday, as mounting geopolitical concerns between Russia and NATO member Turkey boosted safe haven demand for the precious metal.Gold for December delivery on the Comex division of the New York Mercantile Exchange tacked on $1.40, or 0.13%, to trade at $1,075.20 a troy ounce during European morning hours.
- US crude oil futures dipped on Wednesday on profit-taking after the prices rallied to a two-week high on the previous session due to heightening geopolitical tensions in the Middle East with Turkey’s downing of a Russian warplane.US crude’s West Texas Intermediate (WTI) futures shed 16 cents or 0.37% at $42.71 a barrel as of 0054GMT.
ECONOMY NEWS :
- Japan leading index which measures the future economic activity, fell to 101.6 in September, which was revised up from the preliminary estimate of 101.4, latest figures from the Cabinet Office showed Wednesday. In August, the reading was 103.5. The latest reading was the lowest since January 2013, when it marked 101.4. The coincident index that reflects the current economic activity, rose marginally to 112.3 in September from 112.2 in the prior month .
- European stocks moved higher and oil prices reversed course and fell 1 percent on Wednesday as investors’ concerns eased over the potential fallout of Turkey’s shooting down of a Russian fighter jet. A Reuters report that euro zone central bank officials are considering whether to stagger charges on banks hoarding cash or to buy more debt ahead of the next European Central Bank meeting pushed the euro lower.
- The idea of setting a relatively low rate for a new Indian sales tax seemed to be gaining traction on Wednesday, as politicians of all stripes met to debate what would be the country’s biggest tax reform since independence.The proposed goods and services tax, or GST, will top the order of business at what is expected to be a rowdy winter session of parliament starting on Thursday.
TRADING STRATEGY :
- BUY GOLD ABOVE 1075 TARGET 1080 1086 SL 1069
- SELL GOLD BELOW 1065 TARGET 1060 1155 SL 1071