- Oil prices fell on Wednesday on an unexpected increase in U.S. crude stocks that revived worries about the supply glut that has capped prices for the past two years.Global benchmark Brent crude (LCOc1) was down 52 cents, or one percent, at $49.44 a barrel at 1010 GMT, after touching an intraday low of $49.07.U.S. West Texas Intermediate (WTI) crude (CLc1) was down 80 cents, or 1.7 percent, at $47.30 a barrel.
- Gold prices edged lower in European hours on
Wednesday, holding in a familiar range with traders hesitant to make
big bets ahead of a highly anticipated speech fromFederal Reserve Chair
Janet Yellen later this week.Gold for December delivery on the Comex
division of the New York Mercantile Exchange dipped $5.65, or 0.42%, to
trade at $1,340.45
a troy ounce by 2:47AM ET (06:47GMT). - Copper futures were trading lower during the evening trade in the domestic market on Wednesday as investors cast aside improved China data which showed a pickup in the world’s biggest economy.The China leading index rose 0.7 percent in July from June when it advanced 0.5 per cent.
- China’s central bank has urged banks to spread out the tenors of
their loans, hinting at its displeasure with a recent trend of banks
focusing on overnight lending, banking sources told Reuters on
Thursday.The People’s Bank of China (PBOC) met with major banks on
Wednesday to discuss management of liquidity in Chinese markets amid
rising specu-
lation over whether Beijing would continue its monetary policy easing or not, the sources said. - South Korea’s finance minister said on Thursday the introduction of an anti-graft law and sluggish exports will constrain the economic recovery over the second half of this year.Speaking at a policy meeting in Seoul, the nation’s finance chief Yoo Il-ho said downside risks are growing for the economy, and added that the government will try to ease household debt by encouraging homebuyers to take amortized, fixed-rate loans.
- The dollar bobbed higher in Asian on Thursday but major currencies continued to tread water ahead of the global central bankers’ gathering in Jackson Hole, Wyoming, at which Federal Reserve Chair Janet Yellen may offer new clues on U.S. monetary policy.Futures markets on Wednesday were indicating an 18 percent chance the U.S. central bank would hike rates at its policy meeting next month, and roughly 50 percent odds of a rate increase in December, according to CME Group’s FedWatch tool.
- BUY GOLD ABOVE 1335 TARGET 1340 1346 SL BELOW 1330.
- SELL GOLD BELOW 1332 TARGET 1327 1321 SL ABOVE 1337.
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