INTERNATIONAL COMMODITY NEWS :
- Copper prices fell 0.48% in futures trade today amid a weak trend in the global market and subdued domestic demand.At the Multi Commodity Exchange, copper for delivery in far-month April next year shed Rs 1.50, or 0.48%, to Rs 308.35 per kg in a business turnover of one lot.On similar lines, metal for delivery in February was down by Rs 1.40, or 0.45%, to Rs 308.35 per kg in 330 lots.
- Silver prices recovered by Rs 52 to Rs 33,529 per kg in futures trade today after speculators enlarged positions amid firming global trends.At the Multi Commodity Exchange, silver for delivery in December was up by Rs 52, or 0.16%, to Rs 33,529 per kg in a business turnover of four lots.Similarly, the white metal for delivery in far-month March next year was trading higher by Rs 19, or 0.06%, to Rs 34,275 per kg in 884 lots.
- Gold prices slipped to fresh six-year lows in European morning hours on Friday, as expectations for a U.S. rate hike this month overshadowed the previous session’s policy statement by the European Central Bank and sent the dollar higher.On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were down 0.15% at $1,059.50.
ECONOMY NEWS :
- U.S. job growth likely remained solid in November in a show of the economy’s resilience, which could pave the way for the Federal Reserve to raise interest rates this month for the first time in nearly a decade. A Reuters survey of economists forecast nonfarm payrolls rising 200,000, adding to the 271,000 jobs created in October.
- Japan’s defense budget for the next fiscal year is likely to top 5 trillion yen ($40.8 billion) for the first time ever, according to media reports. The budget, which is expected to be finalized later this month, will provide the Shinzo Abe-led government a significant boost toward strengthening the role of its armed forces — a sensitive issue for its neighbors China and South Korea because of the aggression they faced during World War II.
- India’s mines ministry has written to the finance ministry proposing a hike in the import duty on aluminium to 7.5 percent from 5 percent to protect local producers suffering from rising inbound shipments, Mines Secretary Balvinder Kumar told Reuters. “Domestic companies are reporting operating losses as imports are rising,” Kumar said on Friday, but added he could not be certain that the finance ministry would accept the proposal.
TRADING STRATEGY :
- BUY GOLD ABOVE 1065 TARGET 1070 1076 SL 1059
- SELL GOLD BELOW 1055 TARGET 1050 1044 SL 1061