INTERNATIONAL COMMODITY NEWS :
Copper prices plunged in Asia on wednesday with investors pointing to demand concerns in China, but no specific events that would trigger a further decline from overnight. Copper for March delivery plunged 4.30% to $2.492 a pound, after hitting a daily overnight low of $2.639, a level not seen since August 2009.Strong trade data from China on Tuesday, the world’s largest copper consumer, failed to boost sentiment.The Asian nation reported a trade surplus of $49.6 billion in December, broadly in line with expectations. Exports jumped 9.7% in December, but imports rose by a smaller-than-forecast 2.4%, pointing to weak domestic demand.
TRADING STRATEGY :
SELL GOLD BELOW 1224 TARGET 1219 1213 SL 1230
BUY GOLD ABOVE 1240 TARGET 1245 1251 SL 1234
Copper prices plunged in Asia on wednesday with investors pointing to demand concerns in China, but no specific events that would trigger a further decline from overnight. Copper for March delivery plunged 4.30% to $2.492 a pound, after hitting a daily overnight low of $2.639, a level not seen since August 2009.Strong trade data from China on Tuesday, the world’s largest copper consumer, failed to boost sentiment.The Asian nation reported a trade surplus of $49.6 billion in December, broadly in line with expectations. Exports jumped 9.7% in December, but imports rose by a smaller-than-forecast 2.4%, pointing to weak domestic demand.
TRADING STRATEGY :
SELL GOLD BELOW 1224 TARGET 1219 1213 SL 1230
BUY GOLD ABOVE 1240 TARGET 1245 1251 SL 1234
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