INTERNATIONAL COMMODITY NEWS :
Silver futures climbed during noon trade in the domestic market on Thursday as investors and speculators booked fresh positions in the precious metal after Chicago Fed President Charles Evans backed Fed Chair Janet Yellen as he expressed concerns over global volatility that could slow US growth diminishing the chances of further rate tightening in the near-term bolstering the lure for the bullion as a store of value.
Copper futures fell during noon trade in the domestic market on Thursday as investors and speculators exited positions in the industrial metal amid uncertainty over demand from China the world’s biggest metals consuming nation.According to a Bloomberg Intelligence analysis of property data China’s non-industrial use of copper mainly construction has been overstated by nearly 15.5 million metric tons since 2011.
Crude oil prices fell by 1.06 per cent on Thursday with US crude hitting the lowest level in more than two weeks amid renewed worries of global oversupply after US crude inventories rose to a record high. That increase came despite seasonal refinery utilization hitting an 11-year high while a rise in the dollar index put further pressure on oil prices.
ECONOMY NEWS :
Aboriginal Australians demanded a halt on a A$2.1 billion ($1.6 billion) tram construction project in Sydney after excavators found 20,000 objects potentially linked to one of the country’s first conflicts between its original inhabitants and Europeans.Within months of starting work on the three-year project, a government archaeological consultant said on Thursday that excavators found the trove of stone relics in a small patch of land where a new tram station is planned.
India hopes to receive one of the first loans issued by the China-led Asian Infrastructure Investment Bank (AIIB) later this year, as it looks to raise $500 million for solar power projects from the newly created lender, Indian officials said.Funding for clean energy projects would allay fears of environmental lobbyists that the bank’s relaxed lending criteria could promote dirty fuels like coal in developing economies, like India, that are in a hurry to ramp up energy output.
Argentina’s Senate gave the green light to a landmark deal to repay creditors holding defaulted debt in the early hours of Thursday, marking the end of a 14-year legal battle that had made the country a global financial pariah. The deal, which had already been approved by the lower house of Congress, is the cornerstone of new President Mauricio Macri’s plan for revitalizing an economy hobbled by low investment, high inflation and precarious central bank reserves.
TRADING STRATEGY :
BUY GOLD ABOVE 1237 TARGET 1242 1248 SL BELOW 1232
SELL GOLD BELOW 1231 TARGET 1226 1220 SL ABOVE 1236
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