INTERNATIONAL COMMODITY NEWS :
- Natural Gas futures rose handsomely during noon trade in the domestic market on Friday as investors and speculators booked fresh positions in the energy commodity amid speculation that lower prices of the fuel which has witnessed a bearish ride off late may encourage low production and boost demand.
- Oil prices jumped on Friday supported by fresh investment and a weaker dollar, which makes fuel cheaper for importers using other currencies, but analysts warned that a stronger price rally was premature as a global glut remained in place.U.S. crude futures (CLc1) were trading at $38.64 a barrel at 0749 GMT, up 80 cents and over 2 percent from their last close.
- Gold held steady at a 13-month high in European morning hours on Friday, as increased safe-haven demand following the announcement of fresh stimulus measures by the European Central Bank continued to support the precious metal.On the Comex division of the New York Mercantile Exchange, gold futures for April delivery were little changed at $1,272.10.
ECONOMY NEWS :
- Japanese banks have expressed concern that the Bank of Japan’s negative interest rate policy is hurting their earnings, which could lead them to charge higher fees on corporate accounts, according to a presentation by the Cabinet Office.However, companies welcomed negative rates because these have lowered borrowing costs, and some companies even say they plan to increase their capital expenditure, the presentation on Friday showed.
- Germany’s wholesale prices dropped 1.9 percent year-on-year versus 1 percent decrease in January, Destatis said Friday. The index has been falling since July 2013. It was the biggest decline since February 2015. A sharp 15.1 percent decrease in solid fuels and related product prices contributed to the annual fall in February. On a monthly basis, wholesale prices slid 0.5 percent in February, slightly faster than January’s 0.4 percent drop.
- Britain’s economic growth rate would be higher if its official statistics properly reflected the explosive growth in online activity, former Bank of England Deputy Governor Charlie Bean, who is leading a review into British statistics, said. If the digital economy was fully captured in economic statistics it could add between one third and two thirds of a percent to the growth rate of the British economy, a report drawn up by Bean and published on Friday said.
TRADING STRATEGY :
- BUY GOLD ABOVE 1270 TARGET 1275 1281 SL 1265
- SELL GOLD BELOW 1263 TARGET 1258 1252 SL 1268