INTERNATIONAL COMMODITY NEWS
• Gold prices gained slightly in Asia on Tuesday in thin trade with U.S. markets on holiday overnight. On the Comex division of the New York Mercantile Exchange, gold for August delivery traded at $1,292.4 a troy ounce, up 0.04%. Gold prices edged higher on Monday in electronic trading, as trade volumes were light with U.K. markets closed for a public holiday and markets in the U.S. remaining shut for the Memorial Day holiday.
• Silver comex for July delivery on the Comex eased rose 0.01% at $19.420 a troy ounce. Copper for July delivery eased 0.17% to $3.183 a pound.
• Crude oil prices dipped in Asia on Tuesday with a holiday in the U.S. thinning volumes and delaying key data on U.S. stocks. Industry data on U.S. Crude oil stocks as well as government data will both be delayed by a day because of the holiday. Data from the American Petroleum Institute will be reported on Wednesday and from the U.S. Department of Energy on Thursday. On the New York Mercantile Exchange, U.S. crude oil oil for delivery in July traded at $104.27 a barrel, down 0.08%.
• Brent oil july on London’s ICE Futures exchange fell $0.67 to $109.87 a barrel.
• Natural gas futures edged lower on Monday, as trade volumes were light with markets in the U.S. remaining shut for the Memorial Day holiday and as market players assessed the outlook for U.S. supply levels. On the New York Mercantile Exchange, natural gas for delivery in July declined 0.24%, or 1.1 cents to trade at $4.395 per million British thermal units during U.S. morning hours. Prices held in a range between $4.390 and $4.405 per million British thermal units.
• The LME metals are back to trading after a UK holiday yesterday. Starting the Asian trade today we see copper leading the metals, with the rest of the complex trading flat to modestly lower within a small range. copper climbed from Friday’s close at $6,928 to $6,933 per tonne, although earlier it peaked at $6,966. Stocks fell for the 23rd consecutive day, down a net 1,500 tonnes at 1,758,500 tonnes, while cancelled warrants dropped 18,250 tonnes to 83,200 tonnes.Aluminium is flattish at $1,812, having moved just $2 lower from Friday’s kerb. Nickel ended at $19,558 is $12 lower after stocks climbed 732 tonnes to 280,404 tonnes. Tin closed at $23,300 on Friday but fell today as well to $23,251 per tonne. Lead is lower at $2,142 and Zinc is $4 lower as well at $2,080 per tonne.
TRADING STRATEGY :
NATURALGAS-NYMEX has closed @ 4.389. If it breaks the level of 4.369, it can touch the level of 4.324 & 4.276 respectively. If it sustain above the level of 4.471, it can touch the level of 4.516, 4.566 respectively.
- SELL NATURALGAS-NYMEX BELOW 4.369 TGTS 4.324, 4.276 SL 4.420.
- BUY NATURALGAS-NYMEX ABOVE 4.471 TGTS 4.516, 4.566 SL 4.420.