INTERNATIONAL COMMODITY NEWS
• Gold prices posted a modest rebound in early Asia on Thursday with events in the Ukraine off the boil for now, but still closely watched. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at $1,290.30 a troy ounce, up 0.11%, after hitting an overnight session low of $1,286.80 and off a high of $1,314.70.
• Silver comex for July delivery was down 0.09% at $19.325 a troy ounce. Copper futures for July delivery were down 0.01% at $3.036 a pound.
• Crude oil prices rose in Asia Thursday underpinned by a drop in U.S. stocks and ahead of China trade data expected to show weaker imports. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in June traded at $100.83 a barrel, up 0.05%, after hitting an overnight session low of $99.62 a barrel and a high of $100.98 a barrel.
• Brent crude on the ICE futures exchange rose $1.07, or 1%, to $108.13 a barrel on Wednesday.
• Natural gas prices fell on Wednesday after investors locked in gains from a weather-fueled rally and sold the commodity for profits a day ahead of the U.S. weekly inventory report. On the New York Mercantile Exchange, natural gas futures for delivery in June traded at $4.746 per million British thermal units during U.S. trading, down 1.11%. The commodity hit session high of $4.825 and a low of $4.728. The June contract settled up 2.37% on Tuesday to end at $4.799 per million British thermal units.
• Base metals prices were drifting sideways and lower in the LME premarket on Wednesday, with all bar nick rangebound in quiet conditions – just 5,700 lots of copper have changed hands on Select so far. The copper price slipped $38 from Tuesday’s close to $6,679 per tonne although stocks fell for the 11th consecutive day, down a net 8,475 tonnes at 216,950 tonnes. The nickel price continues to hold firm, peaking at $18,700 on supply concerns reflecting the Indonesian export ban. It was at $18,610, up $110. The aluminium price at $1,777 was down $7 although stocks declined 13,525 tonnes to 5,331,600 tonnes. Tin at $23,060 was $120 lower after inventories increased 170 tonnes to 9,705 tonnes.Lead was down $5 at $2,105 following a 225-tonne stock fall and Zinc slipped $4 to $2,049 – inventories fell 2,500 tonnes to 763,750 tonnes.
PLATINUM-COMEX has closed @ 1430.75. If it breaks the level of 1432, it can touch the level of 1425 & 1414 respectively. If it sustain above the level of 1443, it can touch the level of 1450, 1461 respectively.
1.SELL PLATINUM-COMEX BELOW 1432 TGTS 1425, 1414 SL 1448.
2.BUY PLATINUM-COMEX ABOVE 1443 TGTS 1450, 1461 SL 1427.