INTERNATIONAL COMMODITY NEWS
• Gold prices held steady to higher in Asia on Thursday with support from events in the Ukraine underpinning demand. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at $1,306.10 a troy ounce, up 0.02%, after hitting an overnight session low of $1,291.70 and off a high of $1,309.10.
• Silver comex for July delivery rose 0.14% at $19.803 a troy ounce. Copper futures for July delivery gained 0.07% at $3.158 a pound.
• Crude oil prices fell in Asia Thursday on profit taking after strong overnight gains. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in June traded at $102.03 a barrel, down 0.34%, after hitting an overnight session low of $101.82 a barrel and a high of $102.64 a barrel.
• Brent oil on ICE Futures Europe settled up 88 cents, or 0.8%, to $110.41 a barrel.
• Natural gas prices dipped on Wednesday as investors jumped to the sidelines to await the release of Thursday’s weekly supply report. On the New York Mercantile Exchange, natural gas futures for delivery in June traded at $4.347 per million British thermal units during U.S. trading, down 0.26%. The commodity hit session high of $4.403 and a low of $4.340. The June contract settled down 1.71% on Tuesday to end at $4.358 per million British thermal units.
• The copper price broke decisively higher during Wednesday’s LME premarket, with the fundamentally tight market setting the tone throughout the complex as sentiment moved up a notch from the previous session. Prices rose as high as $6,922 as buy- stops were triggered and then settled at $6,916 per tonne, a $71 advance from the Tuesday close. The nickel reverted back below $21,000 to trade at $20,690, down $309 in a correction from the previous day’s 27-month high of $21,625. Warehouse stocks were down 126 tonnes at 278,868 tonnes. The aluminium price was $8 higher at $1,789, while inventories fell 7,475 tonnes to 5,282,525 tonnes, the lowest since mid-March. Zinc business at $2,085 was $22 higher inventories fell 2,650 tonnes to a two-month low of 755,325 tonnes. The lead price gained $14 at $2,136 after stocks dropped 1,500 tonnes to 192,175 tonnes. Tin at $23,425 was up $90 and close to three-week highs – inventories were flat at 9,620 tonnes.
TRADING STRATEGY :
WTICRUDEOIL-NYMEX has closed @ 102.06. If it sustain above the level of 102.18, it can touch the level of 102.68 & 103.34 respectively. If it breaks the level of 100.62, it can touch the level of 100.12, 99.47 respectively.
•BUY WTICRUDEOIL-NYMEX ABOVE 102.18 TGTS 102.68, 103.34 SL 101.58.
•SELL WTICRUDEOIL-NYMEX BELOW 100.62 TGTS 100.12, 99.47 SL 101.22.