INTERNATIONAL COMMODITY NEWS :
- Oil prices held broadly steady on Thursday, set for their third week of gains, ahead of an OPEC meeting that analysts said was not expected to result in restrictions on crude output.The Organization of the Petroleum Exporting Countries is set for another showdown between rivals Saudi Arabia and Iran when it meets on Thursday in Vienna, with Riyadh trying to revive coordinated action or a formal oil output target, but Tehran refusing to cooperate.
- Gold futures inched higher in European trade on Thursday, reversing modest overnight losses as market players looked ahead to key U.S. employment data for more clues on the Federal Reserve’s next move.The U.S. was to release the ADP jobs report for May at 12:15GMT, or 8:15AM ET, followed byweekly jobless claims data at 12:30GMT, or 8:30AM ET. Market players are also focusing on Friday’s U.S. nonfarm payrolls report.
- Copper futures fell during noon trade in the domestic market on Thursday as investors and speculators exited positions in the industrial metal as soft China manufacturing and services data signaled a worsening slowdown in the world’s biggest metals consumer darkening the demand outlook for copper.
ECONOMY NEWS :
- Any tax increases to help plug Brazil’s sweeping budget deficit have to be temporary, interim President Michel Temer said on Thursday, adding that the government is focused on curbing expenditures to rebalance public finances. In an interview with TV channel SBT, Temer did not rule out reviving the CPMF tax on financial transactions, which Congress scrapped eight years ago. He has long voiced concerns over the use of tax hikes to cut the deficit, saying the move may hamper efforts to pull Brazil out of a harsh and lengthy recession.
- Gramercy Funds Management LLC sued Peru for $1.6 billion in a dispute over the country’s 40-year-old land-reform bonds on Thursday, three days before a presidential election.U.S.-based Gramercy said in a statement it had filed the arbitration claim because it disagreed with the way Peru calculated the current value of the land bonds when it agreed to honor them in 2013.
- Global revenue from the satellite industry reached $208 billion in 2015, a 3 percent increase over 2014, a trade association report released on Thursday showed.U.S. companies accounted for 43 percent of the revenue, the Satellite Industry Association said in its annual report. Globally, 2015 revenues for the satellite industry totaled just over $208 billion, up from about $203 billion in 2014.
TRADING STRATEGY :
- BUY GOLD ABOVE 1213.75 TARGET 1215 1216.25 SL 1211.90
- SELL GOLD BELOW 1211.50 TARGET 1210.50 1209 SL 1213.50