INTERNATIONAL COMMODITY NEWS
- Oil fell for a second trading day in a row on Monday, after speculators cut their bullish bets by the most in three months last week and U.S. crude drillers added more rigs for a tenth week running. Brent crude oil futures (LCOc1) fell 53 cents on the day to £47.48 a barrel, by 0830 GMT (04:30 a.m. EDT), while U.S. West Texas Intermediate futures
(CLc1) fell 66 cents to $45.22 a barrel.
- Gold prices slipped lower on Friday, following remarks from a Federal Reserve official signaling the possibility for a near term U.S. rate hike. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery
were down 0.12% at $1,332.90. The December contract ended Thursday’s session 0.53% lower at $1,334.50 an ounce.
- Copper futures were trading lower during the evening trade in the domestic market on Monday as investors and speculators exited positions in the industrial metal on fall in demand from consuming industries in the spot market and tracking weak trend in base metals overseas Copper futures were trading lower during the evening trade in the domestic market on Monday as investors and speculators exited positions in the industrial metal on fall in demand from consuming industries in the spot market and tracking weak trend in base metals overseas.
- The Federal Reserve should avoid removing support for the U.S. economy too quickly, Fed Governor Lael Brainard said
on Monday in comments that solidified the view the central bank would leave interest rates unchanged next week.Brainard said she wanted to see a stronger trend in U.S. consumer spending and evidence of rising inflation before the Fed raises rates, and that the United States still looked vulnerable to economic weakness abroad.
- California state revenue exceeded official projections in August by 5.2 percent, after four straight months of missed budget projections, thanks to strong personal income tax receipts, the state said on Monday.State Controller Betty Yee said in a statement that “under our outdated tax structure, revenues fluctuate greatly from month to month.”California’s August revenue of $8.56 billion outpaced expectations by $425.2 million or 5.2 percent.
- U.S. interest rate futures prices rose on Monday, diminishing the implied probability of a rate hike by the U.S. central bank next week, after Federal Reserve Governor Lael Brainard warned against a rush to raise interest rates.The comments from Brainard had been highly anticipated through the day as she will be among the last Fed officials to speak before they enter their quiet period ahead of their next policy meeting on Sept 20-21.
TRADING STRATEGY :
- BUY GOLD ABOVE 1330 TARGET 1335 1341 SL BELOW 1325.
- SELL GOLD BELOW 1325 TARGET 1320 1314 SL ABOVE 1330.
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