INTERNATIONAL COMMODITY NEWS
• Better-than-expected data out of the U.S. housing sector sent gold prices falling on Friday as investors bet the Federal Reserve will continue to taper stimulus programs that have supported the yellow metal for years. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at 1,292.30 a troy ounce during U.S. trading, down 0.10%, up from a session low of $1,287.90 and off a high of $1,298.40.The June contract settled down 0.94% at $1,293.60 on Thursday.
• Silver comex for July delivery was down 0.83% at $19.322 a troy ounce, while copper futures for July delivery were up 0.01% at $3.145 a pound.
• Crude futures rose on Friday after U.S. housing data beat expectations, while concerns a deal to reopen Libyan oilfields will collapse also bolstered prices. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in June traded at $102.07 a barrel during U.S. trading, up 0.56%. New York-traded oil futures hit a session low of $101.40 a barrel and a high of $102.23 a barrel. The June contract settled up 0.85% at $101.50 a barrel on Thursday.
• The ICE Futures Exchange in London, Brent oil futures for July delivery were up 0.55% and trading at US$109.69 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$7.62 a barrel.
• Natural gas prices fell on Friday after updated weather-forecasting models called for mild temperatures across much of the U.S., which should curb demand for both heating and air conditioning. On the New York Mercantile Exchange,natural gas futures for delivery in June traded at $4.443 per million British thermal units during U.S. trading, down 0.59%. The commodity hit session high of $4.458 and a low of $4.418. The June contract settled up 2.34% on Thursday to end at $4.469 per million British thermal units.
• Base metals were modestly firmer in early LME trading on Friday, with volumes relatively slight after an uptick in the Ukrainian tensions dampened potential risk appetite. The metals the copper price remains near the mid-week three-month highs of $6,940 – it was last at $6,884 per tonne, up $4 – though it would appear the test of $7,000 will be delayed for now. The nickel price, which fell some 10 percent at one stage on Thursday to two-week lows near $18,000, managed to climb above $19,000 once again. It was last at $19,113, up $363. Stocks increased 480 tonnes to 279,816 tonnes. In others, the aluminium price traded at $1,776.50, a 50-cent advance. Inventories fell by 9,500 tonnes to 5,264,450 tonnes. Tin eased $50 to $23,300 even as stocks declined 55 tonnes to 9,665. Zinc business at $2,061.75 was up $2.75, while the lead price at $2,122.50 was $8.50 lower.These metals saw stocks respectively decline 2,325 tonnes to 751,650 tonnes and 275 tonnes to 190,950 tonnes.
TRADING STRATEGY :
BRENTCRUDEOIL-NYMEX has closed @ 109.69. If it sustain above the level of 109.84, it can touch the level of 110.34 & 111.04 respectively. If it breaks the level of 108.60, it can touch the level of 108.10, 107.40 respectively.
•BUY BRENTCRUDEOIL-NYMEX ABOVE 109.84 TGTS 110.34, 111.04 SL 109.24.
•SELL BRENTCRUDEOIL-NYMEX BELOW 108.60 TGTS 108.10, 107.40 SL 109.20.