INTERNATIONAL COMMODITY NEWS
• Gold prices gained in Asia on Friday on physical demand and as the CME cut the amount of collateral required to trade the benchmark gold and silver futures contracts overnight. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at $1,296.50 a troy ounce, up 0.22%, after hitting an overnight session low of $1,291.10 and off a high of $1,307.30.
• Silver comex for July delivery was up 0.09% at $19.502 a troy ounce. Copper futures for July delivery were up 0.09% at $3.147 a pound.
• Crude oil prices edged up in Asia Friday in thin trade supported by ongoing tensions in the Ukraine and the potential for shits in U.S. policy or deals with China on crude exports. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in June traded at $101.62 a barrel, up 0.12%, after hitting an overnight session low of $101.28 a barrel and a high of $102.25 a barrel.
• The front-month June contract for Brent oil expired Thursday, rising 25 cents, or 0.2%, to $110.44 a barrel on the ICE Futures Europe exchange. Most of the volume in the Brent market has rolled forward into the July contract, which settled down 22 cents, or 0.2%, at $109.09 a barrel.
• Natural gas prices shot up on Thursday after data revealed inventories rose more than expected though still small enough to allay supply concerns. On the New York Mercantile Exchange, natural gas futures for delivery in June traded at $4.456 per million British thermal units during U.S. trading, up 2.03%. The commodity hit session high of $4.508 and a low of $4.327. The June contract settled up 0.21% on Wednesday to end at $4.367 per million British thermal units.
• The nickel price was hammered by waves of technically triggered long liquidation during active Thursday LME premarket trading – the downside correction that started yesterday accelerated. the copper price was trading at an unchanged $6,920 per tonne, having touched $6,940 on Wednesday. Attention was on nearby spread tightness, with ‘Tom/next’ (tomorrow/next day) trading at $2.00 backwardation and May/June at $15 premium. Warehouse stocks notched up their 17th successive daily fall – down a net 6,400 tonnes at 191,075 tonnes, the lowest since September 2008.The aluminium price traded at $1,803, a $5.50 loss – stocks were down 8,175 tonnes at 5,273,950 tonnes, a two-month low. Zinc at $2,080 was $23 lower while inventories fell 1,350 tonnes to 753,975 tonnes, the lowest since early March. Lead business at $2,145 was down $13 – stocks declined 950 tonnes to 191,225 tonnes, the lowest since September 2013. The tin price was $100 lower at $23,300, with a 100-tonne jump in stocks to 9,720 tonnes, the highest since April 1.
TRADING STRATEGY :
PLATINUM-COMEX has closed @ 1462.25. If it sustain above the level of 1470, it can touch the level of 1478 & 1488 respectively. If it breaks the level of 1451, it can touch the level of 1443, 1433 respectively.
•BUY PLATINUM-COMEX ABOVE 1470 TGTS 1478, 1488 SL 1455.
•SELL PLATINUM-COMEX BELOW 1451 TGTS 1443, 1433 SL 1466.