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.