INTERNATIONAL COMMODITY NEWS
• Gold prices edged lower in Asia on Thursday with the market looking for cues on demand prospects. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1,259.00 a troy ounce, down 0.06%, after hitting an overnight session low of $1,256.20 and off a high of $1,267.40.
• Silver comex for July delivery was udown 0.07% at $19.045 a troy ounce. Copper futures for July delivery were up 0.09% at $3.172 a pound.
• Crude oil prices rose in Asia Thursday following industry data that showed stronger gasoline demand than expected from an upcoming government report. The American Petroleum Institute said late Wednesday that its latest weekly data showed a 3.5-million-barrel gain in crude-oil supplies, according to industry sources. The group also said that gasoline supplies fell by 1.4 million barrels and distillate stocks rose by 821,000 barrels, according to the sources. On the New York Mercantile Exchange,West Texas Intermediate Crude Oil for delivery in July traded at $103.01 a barrel, up 0.28%, after hitting an overnight session low of $103.39 a barrel and a high of $104.40 a barrel.
• Brent crude on the ICE futures exchange fell 0.2% to $109.81 a barrel.
• Natural gas futures carried Tuesday’s gains into Wednesday on forecasts for hot, summertime temperatures to arrive in the U.S.next week, which should prompt homes and businesses to crank up their air conditioning. On the New York Mercantile Exchange,natural gas futures for delivery in July traded at $4.587 per million British thermal units during U.S. trading, up 1.68%. The commodity hit a session high of $4.599 and a low of $4.489. The July contract settled up 1.41% on Tuesday to end at $4.405 per million British thermal units.
• Base metals were mostly lower on Thursday’s Asian trade, weighed by a stronger dollar and a holding back of risk sentiments by investors. In the metals, copper rose as high as $6,970 per tonne before concluding Wednesday at $6,945. Today’s trade saw the red metal moving lower; last bid is seen at $6,913, a loss of $32 overnight. Aluminium is the only one in the complex to hold steady, hovering just $1 above where it ended on Wednesday. Last trade is indicated at $1,841 per tonne and the metal is trading within a tight $4 band. Nickel fell below $19,000 to hit a low of $18,830, although current price is at $18,960, some $360 lower than yesterday’s kerb close. Lead fell $15 to $2,120, zinc lost $9 at $2,065 and tin at $23,325 is $25 lower.
TRADING STRATEGY :
CRUDEOIL-NYMEX has closed @ 103.05. If it breaks the level of 102.88, it can touch the level of 102.43 & 101.67 respectively. If it sustain above the level of 103.89, it can touch the level of 104.34, 105.10 respectively.
- SELL CRUDEOIL-NYMEX BELOW 102.88 TGTS 102.43, 101.67 SL 103.43.
- BUY CRUDEOIL-NYMEX ABOVE 103.89 TGTS 104.34, 105.10 SL 103.34.