INTERNATIONAL COMMODITY NEWS :
- Gold futures were higher in Europe trade on Tuesday, rebounding from the prior session’s losses as the oil price rally that boosted global stock markets fizzled out.gold for April delivery on the Comex division of the New York Mercantile Exchange tacked on $7.90, or 0.65%, to trade at $1,218.00 a troy ounce by 09:10GMT, or 4:10AM ET.
- Copper futures fell during noon trade in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal as weak demand from China the world’s biggest metals consumer soured sentiment. Copper stockpiles tracked by the Shanghai Futures Exchange hit a record high 277000 tons more than doubling since the end of August while China weakened the Yuan by the most in six weeks signaling a deepening slowdown in the world’s second biggest economy.
- Crude oil dipped in Asia on Tuesday ahead of industry estimates of U.S. stockpiles later in the day. The American Petroleum Institute will release estimates of crude and refined product stockpiles in the U.S. last week later Tuesday. On Wednesday, more closely-watched figures from the U.S. Department of Energy are due.
ECONOMY NEWS :
- The bosses at more than a third of Britain’s biggest companies said on Tuesday leaving the European Union would put the economy at risk, backing Prime Minister David Cameron’s call for Britain to vote to stay in the June referendum.The pound posted its biggest one-day loss in almost six years on Monday on concerns Britain could vote to leave the 28-member bloc, prompting the business leaders to join forces to argue for the economic merits of EU membership.
- Poland’s ruling Law and Justice party wants central bank chief Marek Belka to move on at the end of his term and stand as the new president of the European Bank for Reconstruction and Development (EBRD), Puls Biznesu newspaper said on Tuesday. The conservative party declined to comment and Belka, who was Poland’s prime minister in the leftists’ government in 2004-2005, was not immediately available to react to the report, which the paper cited to unnamed sources.
- China’s new securities regulator Liu Shiyu, a former central banker, has a tough job on his hands – not least managing a huge weight of expectation from millions of small investors smarting from a recent stock market collapse. Liu, appointed at the weekend to replace Xiao Gang, the scapegoat of the piece, inherits the fallout from near 50 percent drops in China’s major indexes from peaks in June, blamed on a confluence of mistakes made by multiple regulators.
TRADING STRATEGY :
- BUY GOLD ABOVE 1122 TARGET 1127 1133 SL 1116
- SELL GOLD BELOW 1112 TAGRET 1107 1101 SL 1118