INTERNATIONAL COMMODITY NEWS
- Gold gained in Asia on Tuesday as investors continued to mull the chances of a Fed rate hike this month in the wake of weaker than expected U.S. jobs data at the end of last week.Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.31% to $1,330.85 a troy ounce.
- Crude gained further in Asia on Tuesday as investors reassessed a new twist in proposals to freeze output by major producers and sent futures sharply higher.Crude oil for October delivery on the New York Mercantile Exchange jumped 2.12% to $45.38 a barrel. On the ICE Futures Exchange in London, Brent oil for November delivery gained 0.29% to $47.77 a barrel.
- U.S. natural gas futures fell to the lowest level in nearly two weeks on Monday, as traders reacted to the reality that higher summer demand for the commodity is coming to an end. Demand for natural gas tends to rise in the summer months as warmer temperatures increase the need for gas-fired electricity to power air conditioning.
- Venezuelan President Nicolas Maduro has enlisted a Spanish academic he has hailed as the “Jesus Christ of economics” to help the South American country manage chronic product shortages.Alfredo Serrano is the only foreigner to form part of the Superior Organ of the Grand Mission of Sovereign Supply, a group of civilians and military officers tapped by socialist President Nicolas Maduro in response to the country’s economic crisis.
- More than a third of Arab banks have seen their business links with foreign banks shrink over the past four years because of pressures such as economic sanctions and concern about money laundering, according to a study published on Monday. “The inability of banks in some Arab countries to enter into correspondent relationships with foreign banks could have a deleterious impact on trade and remittances and ultimately on real economic activity,” the Arab Monetary Fund said in the study.
- The world’s biggest hedge fund firm thinks that China is preparing for a bust.Ray Dalio’s Bridgewater says that China has experienced an “unsustainable buildup of credit,” which is “typical of debt boom and busts,” according to a private note to investors viewed by Business Insider.”This rapid expansion in credit looks like it has created significant vulner abilities in the Chinese financial system at a time when the economy is still near the front end of a material loss cycle,” the note added.
TRADING STRATEGY :
- BUY GOLD ABOVE 1330 TARGET 1335 1341 SL 1325.
- SELL GOLD BELOW 1321 TARGET 1316 1310 SL 1326.
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