INTERNATIONAL COMMODITY NEWS
- Oil prices steadied on Thursday after Saudi Arabia said OPEC was moving toward a common position on oil production
that some investors think could support prices.Brent crude futures for November were down 5 cents at $46.84 a barrel
by 1055 GMT after settling $1.84 lower at Wednesday’s close.U.S. crude futures were unchanged at $44.70 a barrel,
after falling $1.65 in the previous session.
- Gold prices steadied above the prior session’s two-month low during European hours on Thursday, as investors looked
ahead to data on U.S. nonfarm payrolls on Friday to give the market direction.The consensus forecast is that the data
will show jobs growth of 180,000 in August, following an increase of 255,000 in the preceding month.
- Nickel futures were trading higher during the evening trade in the domestic market on Thursday as speculators widened their bets on uptick in demand from alloy-makers at the domestic spot market and a firming trend overseas.Further fresh positions created by traders led by pick-up in demand from alloy-makers at the spot market and a better trend in metals at the LME after China’s official factory gauge unexpectedly rose last month to the highest level in almost 2 years signaling an improved demand outlook in the world’s top metal user supported the uptrend in nickel prices at futures trade.
- The party looked to be waning for some popular investments in the latest week, with investors trimming exposure to U.S.-based funds invested in developing-market bonds, utilities stocks and gold, Lipper data showed on Thursday.Investors’ repositioning in the week through Aug. 31 came as remarks by some monetary policymakers seemed to suggest a U.S. interest rate hike might soon be in the cards.
- It’s been two years since India emerged as the world’s fastest-growing major economy, but the rapid expansion has done little to improve the lot of Ashok Kumar.Parked up and sitting on the kerb, the 25-year-old truck driver is going nowhere fast. He is the sole breadwinner for the 13 people in his extended family and his monthly salary is stuck at $150.
- Even if a report due Friday shows U.S. companies kept up their rapid pace of hiring in August, there is still enough resis-
tance among policymakers at the Federal Reserve to delay an interest-rate hike at the bank’s September meeting.Reuters polling forecasts that 180,000 jobs were added last month, well above the 100,000 Fed Chair Janet Yellen says is needed to absorb newcomers to the labor market. At that rate, 2016 would be on pace for more than 2 million new jobs.
TRADING STRATEGY :
- BUY GOLD ABOVE 1310 TARGET 1315 1321 SL BELOW 1305.
- SELL GOLD BELOW 1302 TARGET 1297 1291 SL ABOVE 1307.
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