INTERNATIONAL COMMODITY NEWS :
- Copper prices inched up on Monday to hit a one-week high, as market players looked ahead to a deluge of data this week which could provide more evidence of a slowdown in China.Trade figures are due on Tuesday, followed by inflation on Wednesday and industrial production and retail sales on Saturday.
- Crude oil prices dipped further on Monday after OPEC failed to agree on output targets to reduce a bulging glut that has cut prices by more than 60 percent since June 2014.The Organization of the Petroleum Exporting Countries failed to agree on an oil production ceiling on Friday after a disagreement between Saudi Arabia and Iran meant that the group for the first time in decades didn’t even mention an output quota, which previously stood at 30 million barrels per day (bpd).
- Gold prices were little changed near the previous session’s three-week high on Monday, as market players prepared for the first U.S. rate hike since 2006 later this month.Gold for February delivery on the Comex division of the New York Mercantile Exchange shed 60 cents, or 0.06%, to trade at $1,083.50 a troy ounce during European morning hours.
ECONOMY NEWS :
- Indian regulators have launched an unprecedented drive to boost corporate transparency, bombarding firms with disclosure demands, but clumsy execution has created suspicions of a box-ticking exercise that may not entirely achieve its aim.Poor disclosure among India-listed firms is a turnoff for foreign investors, a weakness Asia’s third-largest economy can ill afford as competition for overseas capital heats up among emerging markets in expectation of higher U.S. interest rates.
- Germany’s industrial production rose a calendar-and-seasonally adjusted 0.2 percent from September, when it declined 1.1 percent, preliminary data from Destatis showed Monday. Excluding energy and construction, industrial production grew 0.7 percent monthly in October. Capital goods output increased 2.7 percent, while production of intermediate goods decreased 1.1 percent. Consumer goods output fell 0.1 percent. Energy output decreased 5.9 percent, while construction rose 0.7 percent.
- Prime Minister Malcolm Turnbull on Monday unveiled a A$1.1 billion ($806 million) package to boost innovation in Australia, using his first major economic policy statement since becoming leader to map out a pathway beyond the country’s fading resources boom.The plan’s incentives include reductions in the capital gains tax for startups, generous income tax rebates for retail investors, changes to bankruptcy laws to encourage more risk-taking by entrepreneurs and immigration changes to lure top talent.
TRADING STRATEGY :
- BUY GOLD ABOVE 1085 TARGET 1090 1096 SL 1079
- SELL GOLD BELOW 1080 TARGET 1075 1069 SL 1085