INTERNATIONAL COMMODITY NEWS :
• Gold prices were flat to higher in Asia Thursday ahead of the European Central Bank’s board meeting on monetary policy and Friday’s U.S. non-farm payrolls. On the Comex division of the New York Mercantile Exchange, gold for August delivery traded at $1,244.70 a troy ounce, up 0.03%.
• Silver for July delivery on the Comex slipped 0.04% to trade at $18.785 a troy ounce. Copper for July delivery fell 0.19% to trade at $3.088 a pound.
• Crude oil prices fell in Asia on Thursday on bearish government data on U.S. petroleum stocks that signalled the summer driving season is not as robust as expected. On the New York Mercantile Exchange, U.S. Crude oil for delivery in July traded at $102.26 a barrel, down 0.38%.
• The Brent oil contract fell 0.4% to $108.40 a barrel on the ICE Futures Europe exchange, its fourth consecutive losing session.
• Natural gas futures were higher in U.S. trade on Wednesday. On the New York Mercantile Exchange, Natural gas futures for July delivery traded at USD4.641 per million British thermal units at time of writing rising 0.25%. It earlier traded at a session high USD4.646 per million British thermal units.
• Base metals fell on Wednesday morning on concerns about the alleged fraudulent use of warehouse receipts in the Chinese port of Qingdao, which pulled the copper price about 1.5 percent lower – the other metals followed in its wake. The copper price was around three-week lows, dropping to $6,765 per tonne, down $105 on Tuesday’s close. Turnover on Select has picked up, with 13,000 lots changing hands so far. Stocks fell a net 350 tonnes to 168,475 tonnes. The aluminium price at $1,825 was $11 lower, while stocks remain at one-year lows following a 5,750-tonne drop to 5,175,500 tonnes. The nickel price last traded at a soft $18,948 tonnes although stocks fell 234 tonnes to 283,752 tonnes. Tin was $196 lower at $23,144 – stocks increased 130 tonnes to 10,915 tonnes – and lead declined $18 to $2,117, with no changes in stocks. The zinc price at $2,079 was $9 lower, while the nearby spreads are in backwardation, with cash/threes at $6. Stocks and cancelled warrants were both down 3,650 tonnes at 703,425 tonnes and 87,350 respectively – total stocks are now at their lowest since January 10, 2011.
TRADING STRATEGY :
BRENTCRUDEOIL-NYMEX has closed @ 108.05. If it breaks the level of 108.03, it can touch the level of 107.53 & 106.84 respectively. If it sustain above the level of 109.20, it can touch the level of 109.70, 110.39 respectively.
- SELL BRENTCRUDEOIL-NYMEX BELOW 108.03 TGTS 107.53, 106.84 SL 108.58.
- BUY BRENTCRUDEOIL-NYMEX ABOVE 109.20 TGTS 109.70, 110.39 SL 108.65.