INTERNATIONAL COMMODITY NEWS
• Gold prices eased in Asia Wednesday with the focus on demand prospects in India and China as the world’s top two importers of the yellow metal. On the Comex division of the New York Mercantile Exchange, Gold futures for August delivery traded at $1,262.20 a troy ounce, down 0.28%, after hitting an overnight session low of $1,264.60 and off a high of $1,293.50.
• Silver comex for July delivery was down 0.05% at $19.057 a troy ounce. Copper futures for July delivery were up 0.04% at $3.173 a pound.
• Crude oil prices edged higher in Asia on Wednesday the focus on demand prospects in the U.S. On the New York Mercantile Exchange, West Texas Intermediate Crude Oil for delivery in July traded at $104.19 a barrel, up 0.07%, after hitting an overnight session low of $103.58 a barrel and a high of $104.50 a barrel.
• Base metals consolidated from session highs during late LME trading on Tuesday although the complex looked set to consolidation within recent ranges as macro data supports a firmer economic environment. copper peaked at $6,966 before closing at $6,934 on Tuesday. Prices are now around $6,924.50, down almost $10 but tightness continued to flare in spreads- the cash/threes backwardation remained intense but has come down from $94 yesterday to the current $83.50. Aluminium concluded at $1,828.50 and is currently down slightly to $1,824.50 per tonne. Stocks fell 8,650 tonnes to 5,221,950 tonnes and cancelled warrants increased 3,300 tonnes to 2,861,475 tonnes. Nickel was last $72 higher at $19,622. Stocks declined 96 tonnes to 280,308 tonnes, while tightness was evident in the nearby forward curve. It traded higher during the London hours yesterday to hit $19,761 as news that protests at Vale’s Goro nickel plant continue to prevent the plant from operating. Lead at $2,140 is down $2 and Zinc lost $4.50 to the current $2,083 per tonne. Tin gained $18 at $23,369 – there was no change in stocks. The cash/threes backwardation has come down to around $15 – at the start of last week it was above $100.
• The global Brent oil contract fell 30 cents, or 0.3%, to $110.02 a barrel on the ICE Futures Europe exchange.
• Forecasts for hot,summertime temperatures to arrive in the U.S. next week sent natural gas prices rising on Tuesday onexpectations for homes to crank up their air conditioning. On the New York Mercantile Exchange, natural gas futures for delivery in July traded at $4.482 per million British thermal units during U.S. trading, up 1.75%. The commodity hit session high of $4.492 and a low of $4.366. The June contract settled up 1.10% on Friday to end at $4.405 per million British thermal units. Markets in the U.S. were closed on Monday due to the Memorial Day holiday.
TRADING STRATEGY :
PLATINUM-COMEX has closed @ 1461.75. If it breaks the level of 1458, it can touch the level of 1450 & 1440 respectively. If it sustain above the level of 1478, it can touch the level of 1486, 1496 respectively.
- SELL PLATINUM-COMEX BELOW 1458 TGTS 1450, 1440 SL 1469.
- BUY PLATINUM-COMEX ABOVE 1478 TGTS 1486, 1496 SL 1467.