Daily Archives: June 6, 2014

6Jun

Comex Commodity Trading Signals and Market News – 06th June 2014

INTERNATIONAL COMMODITY NEWS :

Gold prices rose slightly in Asia on Friday as a follow-on to ultra-loose monetary policy by the European Central Bank overnight with the focus now on U.S. data later today expected to show a gain of 218,000 jobs.On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1,253.50a troy ounce, up 0.02%, after hitting a session high $1,257.70 a troy ounce. Prices rallied by as much as 1.06% after the ECB decision and hit a session high of $1,257.70. Gold declined 0.02%, or 20 cents, on Wednesday to settle at $1,244.30. Prices hit an 18-week low of $1,240.20 on June 3. The European Central Bank cut its benchmark interest rate to a record-low 0.15% from the 0.25% rate held since November earlier in the day.

Silver for July delivery fell 0.18% to trade at $19.048 a troy ounce. Copper for July delivery rose 0.05% to trade at $3.093 a pound amid growing concerns over the demand outlook in China.

Crude oil prices eased slightly in Asia on Friday ahead of U.S. data expected to show a gain of 218,000 jobs, underpinning continued strength for the dollar. On the New York Mercantile Exchange, U.S. Crude oil for delivery in July traded at $102.45 a barrel, down 0.03%, after falling to a session low of $101.61 a barrel, the weakest level since May 21, before trimming losses.

• The ICE Brent oil contract erased early losses and rose 0.4% to $108.79, ending four straight losing sessions.

Natural gas futures turned lower on Thursday, after data showed that U.S. natural gas supplies rose more than expected last week. On the New York Mercantile Exchange, natural gas for delivery in July shed 0.59%, or 2.8 cents, to trade at $4.613 per million British thermal units during U.S. morning hours. Futures traded at $4.663 prior to the release of the supply data. Prices rose to a daily high of $4.688 per million British thermal units earlier, the most since May 8. Natural gas futures ended Wednesday’s session up 0.24%,
or 1.1 cents, to settle at $4.640.

Base metals were mixed during Thursday morning trading sessions, but remained within recent ranges as the market waited for key news and data releases from the EU and US. The copper price at $6,783 per tonne was down $2 on the previous day’s close, while more than 7,000 lots were changing hands so far. Nickel business was up $60 at $19,080 as it found support from news from Indonesia. The aluminium price at $1,845 was up $10 as stocks continue to fall – both stocks and cancelled warrants lost 5,125 tonnes to 5,170,375 tonnes and 2,851,250 tonnes respectively. The lead price was $1 higher at $2,104 with a 50-tonne reduction in stocks to 190,375 tonnes. Sister metal zinc at $2,077 fell $2 although stocks at 700,375 tonnes are now the lowest since December 29, 2010. The tin price at $23,239 increased $14 with a 50 tonne drop in inventories to 10,885 tonnes.

TRADING STRATEGY :

NATURALGAS-NYMEX has closed @ 4.698. If it sustain above the level of 4.733, it can touch the level of 4.783 & 4.852 respectively. If it breaks the level of 4.585, it can touch the level of 4.535, 4.464 respectively.

  • BUY NATURALGAS-NYMEX ABOVE 4.733 TGTS 4.783, 4.852 SL 4.678.
  • SELL NATURALGAS-NYMEX BELOW 4.585 TGTS 4.535, 4.464 SL 4.640.

Fore more information about Comex Commodity Market Trading or Signals, Please visit- EPIC RESEARCH PRIVATE LIMITED.

 

6Jun
forex-market-hours

IForex Market Trading Signals and News of 06th June 2014

TRADING TIPS :

➔Forex – USD/CAD pares losses after U.S., Canadian data
➔Forex – GBP/USD remains higher after BoE holds
➔Forex – EUR/USD hits 4-month lows on ECB rate cut, Draghi remarks

USD/CAD
➔USD/CAD pulled away from 1.0917, the pair’s lowest since Wednesday, to hit 1.0934 during European afternoon trade, still down 0.07%. The pair was likely to find support at 1.0885,the low of May 22 and  resistance at 1.0989, the high of May 5. Official data showed that building permits in Canada rose 1.1% in April, confounding expectations for an increase of 1.4%,after a 3.2% decline   in March, whose figure was revised down from a previously estimated 3% drop. Meanwhile, the U.S. Department of Labor said the number of individuals filing for initial jobless benefits in the week ending May 31 increased by 8,000 to 312,000 from the previous week’s revised total of 304,000.Analysts had expected jobless claims to rise by 6,000 to 310,000 last week.

GBP/USD
➔GBP/USD hit 1.6792 during early European afternoon trade, the pair’s highest since May 28; the pair subsequently consolidated at 1.6767, adding 0.17%.Cable was likely to find support at 1.6693, the low of May 29 and resistance at 1.6841, the high of May 16.In a widely expected move,the BoE’s Monetary Policy Committee voted to keep interest rates on hold at their current record low of 0.5%. The bank also made no change in its quantitative easing program, which remains at £375 billion.Expectations for a U.K. rate hike in the early part of next year have recently propelled sterling to multi-year highs against the dollar, after a string of strong economic reports indicated that the recovery is deepening..

RECOMMENDATION :

1. Buy GBP/USD Above 1.6815- TG: 1.6835/ 1.6865 SL 1.6785
2. Sell GBP/USD Below 1.6770- TG: 1.6750/ 1.6720 SL 1.6800

Fore more information about Forex Signals and Market Updates, please visit EPIC RESEARCH PRIVATE LIMITED.

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