INTERNATIONAL COMMODITY NEWS
• Gold prices hovered stead in Asia on Wednesday with an eye on the dollar and events in the Ukraine. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at $1,308.70 a troy ounce, up 0.01%, after hitting an overnight session low of $1,304.60 and off a high of $1,314.20.
• Silver comex for July delivery was down 0.13% at $19.620 a troy ounce. Copper futures for July delivery were up 0.07% at $3.056 a pound.
• Crude oil prices rose in Asia on Wednesday as an industry group reported a drop in U.S. oil stocks and tension in the Ukraine lent support. The American Petroleum Institute, an industry group, said late Tuesday that its own data showed a 1.8 million-barrel drop in crude stocks, according to industry sources. The group also said that gasoline supplies rose by 2.4 million barrels and distillate stocks grew by 763,000 barrels. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in June traded at $99.85 a barrel, up 0.35%, after hitting an overnight session low of $99.33 a barrel and a high of $100.42 a barrel.
• Natural gas prices rose on Tuesday as forecasts for above-normal temperatures along the West Coast boosted demand for the commodity. On the New York Mercantile Exchange, Natiral gas futures for delivery in June traded at $4.804 per million British thermal units during U.S. trading, up 2.46%. The commodity hit session high of $4.806 and a low of $4.693. The June contract settled up 0.30% on Monday to end at $4.688 per million British thermal units.
• The base metals price were little-changed in Tuesday’s premarket following the UK’s return to market after a long weekend. the copper price at $6,702 was down $17 on Friday’s close. Stocks fell a net 4,375 tonnes to 225,425 tonnes, the lowest since October 26, 2012, and cancelled warrants dropped 2,375 tonnes to 111,350 tonnes. The backwardation in the cash/threes spread has tightened further – it was last at $34/39. The aluminium price was $31 higher at $1,787 after inventories declined 2,625 tonnes to 5,345,125 tonnes but cancelled warrants slipped 5,325 tonnes to 2,920,825 tonnes. Tin at $23,100 was $5 higher after a five-tonne stock drop to 9,535 tonnes. The nickel price jumped $216 to $18,486, finding support from the Russia/Ukraine conflict and the possibility – albeit remote – that sanctions will be extended to Norilsk Nickel exports. Stocks fell 12 tonnes to 279,516 tonnes. Lead gained $20 to $2,111, with 50- tonne reductions in both stocks and cancelled warrants, while Zinc at $2,050 was $10 higher – stocks and cancelled warrants both declined 1,550 tonnes to 766,250 tonnes and 129,525 tonnes respectively. Zinc cash/threes last traded at level, having ended last week at a backwardation of $1.50.
• Brent crude on the ICE futures exchange fell 66 cents, or 0.6%, to $107.06 a barrel, the lowest settlement since April 7.
GOLD-COMEX has closed @ 1307.70. If it sustain above the level of 1316, it can touch the level of 1325 & 1336 respectively. If it breaks the level of 1298, it can touch the level of 1289, 1278 respectively.
•BUY GOLD-COMEX ABOVE 1316 TGTS 1325, 1336 SL 1297.
•SELL GOLD-COMEX BELOW 1298 TGTS 1289, 1278 SL 1318.