INTERNATIONAL COMMODITY NEWS
- Gold prices drifted lower in early Asia on Thursday in cautious trade as investors await views from the U.S. Fed chief at the end of the week to set the tone on chances of a rate hike this year.Gold for December delivery on the Comex division of the New York Mercantile Exchange eased 0.06% to $1,328.95 a troy ounce, while silver futures fell 0.13% to $18.532 a troy ounce. Copper futures for September delivery on the Comex eased 0.05% to $2.079 a pound.
- Oil prices slipped on Thursday as the market focused on oversupply and fading hopes of a production freeze.Global crude oil benchmark Brent (LCOc1) was down 15 cents at $48.90 a barrel by 1043 GMT, having closed down 1.8 per cent on Wednesday. U.S. light crude oil (CLc1) was down 5 cents at $46.72 a barrel, after dropping 2.8 percent on Wednesday.
- Copper futures were trading higher during the morning trade in the domestic market on Thursday as investors and speculators build up fresh positions amid a rise in demand for industrial metal from major consuming industries.Also the China leading index rose 0.7 per cent in July from June when it advanced 0.5 per cent.
- An unusually large group of Federal Reserve policymakers appeared before activists on Thursday and defended their plans to raise interest rates to keep the U.S. economy from eventually overheating.Several policymakers said raising interest rates gradually would allow them to stimulate the economy for longer, but that an overheating economy couldend in a recession.
- A senior executive of South Korea’s Lotte Group has died, an official at the country’s fifth-largest family-run conglomerate told Reuters on Friday, amid a sweeping criminal probe into the business.The official, who declined to be named as he was not authorized to speak publicly on the matter, said a police investigation into the death of Lee In-won, a Lotte Group Vice Chairman, was underway. He did not elaborate.
- Investors trimmed risk assets before a gathering of central bankers on Friday, pulling $6.4 billion from U.S.-based stock funds in a course-reversal during the week ended Aug. 24, data from Lipper showed on Thursday.The outflows, which came a week after cash poured into stock funds for the first time in five weeks, are the last data showing U.S. fund investors’ behavior before Federal Reserve Chair Janet Yellen speaks at an annual central bankers’ conference in Jackson Hole, Wyoming.
TRADING STRATEGY :
- BUY GOLD ABOVE 1324 TARGET 1329 1335 SL BELOW 1319.
- SELL GOLD BELOW 1321 TARGET 1316 1310 SL ABOVE 1326.
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