INTERNATIONAL COMMODITY NEWS

Gold prices were hovering near two-and-a-half week highs on Thursday, as sentiment on the greenback remained vulnerable despite the vote of a major U.S. tax reform bill and ahead of a string of U.S. economic reports due later in the day. Trading volumes were expected to become more and more thin throughout the week, ahead of the Christmas holiday. Comex gold futures were little changed at $1,268.70 a troy ounce by 03:00 a.m. ET (07:00 GMT), close to Wednesday's twoand-a-half week high of $1,271.80. The House of Representatives gave final approval on Wednesday to the biggest U.S. tax overhaul in 30 years, marking a major political victory for President Donald Trump. Market participants were cautious ahead a final U.S. third-quarter economic growth report due later in the day, as well as data on manufacturing activity and jobless claims.

Crude oil prices turned lower on Thursday, as concerns over rising U.S. production continued to weigh, despite the previous session\'s upbeat U.S. inventory data. The U.S. West Texas Intermediate crude February contract was down 39 cents or about 0.69% at $57.69 a barrel by 09:50 a.m. ET (13:50 GMT). Elsewhere, Brent oil for February delivery on the ICE Futures Exchange in London was down 24 cents or about 0.37% at $64.31 a barrel. Prices initially rose after the U.S. Energy Information Administration on Wednesday thatcrude oil inventories fell by 6.5 million barrels last week. Market analysts' expected a crude-stock draw of around 3.8 million barrels The commodity has also been supported since the North Sea after the Forties pipeline was unexpectedly shut down last week. The pipeline's operator said it was expected to restart in early January.

OPEC has started working on plans for an exit strategy from its deal to cut supplies with non-member producers, two OPEC sources said, a sign that an eventual winding down of the deal is coming onto producers' radar, at least in theory. The Organization of the Petroleum Exporting Countries, Russia and other non-OPEC producers on Nov. 30 extended an oil output-cutting deal until the end of 2018 to finish clearing a glut. But the market is increasingly interested in how producers will exit the deal once the excess is cleared. Two OPEC sources said the group's secretariat in Vienna has been tasked to work on a plan with different options and it was too early now to say what the plan would look like. "It's a continuity strategy, rather than exit," one of the OPEC sources said.

TRADING STRATEGY :

BUY LEAD ABOVE 159.40 TAREGT 159.80-160.30-162 WITH SL 157.40.
BUY ZINC ABOVE 207 TARGET 207.40-207.90-209.50 WITH SL 205.

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