INTERNATIONAL COMMODITY NEWS :
- Crude oil prices rose by 0.30 per cent on Monday after a drop in US inventories and drilling while outages and hopes that exporters could freeze output also supported prices. Oil futures were further supported as analysts forecast that global oil demand could accelerate helping tighten a market that has suffered from oversupply since mid-2014.
- Gold prices gained 0.27 per cent on Monday as consumer prices eased in China last month and investors eyed easier monetary policy. Consumer prices for March in China fell 0.4 per cent more than the expected 0.3 per cent decline month-on-month and up 2.3 per cent year-on-year less than the 2.5 per cent gain seen according to official data released on Monday.
- Oil prices slipped on Monday over worries that the result of next Sunday’s meeting of producers in Qatar aimed at freezing current output levels would fail to improve the current supply-demand balance. Brent crude futures, the global benchmark, were down 27 cents at $41.67 a barrel at 0810 GMT, retreating from a three-week high reached on Friday.
ECONOMY NEWS :
- Greece and international lenders made progress over the weekend in talks on the Greek bailout reforms but negotiations are still ongoing, the European Commission said on Monday.”Progress has been made over the weekend. Talks are continuing in Athens today,” a Commission spokeswoman told reporters in Brussels.
- Reserve Bank of India Governor Raghuram Rajan said on Monday the central bank holds government bonds worth 8 trillion rupees ($120.54 billion) alongside record-high foreign exchange reserves.The number provides some clarity given the central bank does not disclose the amount of its debt holdings.Rajan made the comment in a speech at an event featuring bankers and start-up executives, in which he discussed that the central bank had plenty of funds at its disposal.
- The Philippines must make sure casinos are covered by anti-money laundering legislation, the World Bank said on Monday, joining calls for the government to better regulate its gambling industry after stolen millions from Bangladesh found their way to Manila.A Philippine panel is trying to fathom how $81 million hacked in February from the New York Federal Reserve account of Bangladesh’s central bank wound up with two casinos and a junket operator in the Philippines in one of the biggest cyber heists in history.
TRADING STRATEGY :
- BUY GOLD ABOVE 1253 TGT 1258 1264 SL BELOW 1247
- SELL GOLD BELOW 1243 TGT 1238 1232SL ABOVE 1249