6Mar

Comex Commodity Trading Signals and Market News – 6th March 2014

  • Gold prices fell in Asia on Thursday on tensions easing between Russia and the Ukraine and continued profit taking from overnight leading the yellow metal lower on prospects for a weaker dollar. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery traded at 1,337.30 a troy ounce, down 0.22%, from an overnight session low of $1,332.90 and off a high of $1,342.00.
  • Silver for May delivery was down 0.13% at US$21.243 a troy ounce, while copper futures for May delivery were down 0.05% at US$3.201 a pound.
  • Crude prices fell on Wednesday after weekly supply data missed investor expectations, while waning fears of a Russian invasion into Ukraine that could threaten global supply pressured prices lower as well. On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in April traded at $101.37 a barrel during U.S. trading, down 1.90%. New York-traded oil futures hit a session low of $101.31 a barrel and a high of $103.53 a barrel. The April contract settled down 1.52% at $103.33 a barrel on Tuesday.
  • The ICE Futures Exchange in London, Brent oil futures for April delivery were down 1.28% and trading at US$107.91 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$6.54 a barrel.
  • Natural gas futures slumped on Wednesday after investors braced for a warming trend across the eastern U.S. in March, which should prompt households to throttle back on heating and curb demand for the commodity. On the New York Mercantile Exchange, natural gas futures for delivery in April traded at $4.547 per million British thermal units during U.S. trading, down 2.57%. The commodity hit session high of $4.721 and a low of $4.533. The April contract settled up 3.90% on Tuesday to end at $4.667 per million British thermal units.
  • Base metals held onto Tuesday’s gains in Wednesday’s premarket on the return of risk appetite following an apparent easing of tension in Ukraine, while news out of China was also supportive. In the metals, copper rose $18.50 to $7,068 per tonne from Tuesday’s close. Inventories fell a net 1,525 tonnes to 273,675 tonnes, while cancelled warrants slipped 1,425 tonnes to 139,575 tonnes.
  • Zinc surged to a one-year high on Tuesday and remained strong today – it was $11 higher at $2,133, helped by CTA activity. Volumes at 8,100 lots have outpaced copper’s 7,100 lots.

TRADING STRATEGY

WTI-CRUDEOIL-NYMEX has closed @ 100.96. If it breaks the level of 101.00, it can touch the level of 100.49 & 99.78 respectively. If it sustain above
the level of 102.30, it can touch the level of 102.94 & 103.72 respectively.

SELL WTI-CRUDEOIL-NYMEX BELOW 101.00 TGTS 100.49, 99.78 SL 101.75.
BUY WTI-CRUDEOIL-NYMEX ABOVE 102.30 TGTS 102.94, 103.72 SL 101.55.

Fore more information about Comex Commodity Market Trading or Signals, Please visit- EPIC RESEARCH PRIVATE LIMITED

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