INTERNATIONAL COMMODITY NEWS :
• Gold prices fell early in Asia on Friday on profit taking after a run-up overnight on geopolitical tension over Iraq. On the Comex division of the New York Mercantile Exchange, Gold futures for August delivery traded at $1,273.00 a troy ounce, down 0.08%, after hitting an overnight session low of $1,260.10 and off a high of $1,275.00.
• Silver for July delivery was down 0.08% at $19.517 a troy ounce. Copper futures for July delivery were up 0.05% at $3.015 a pound.
• Crude oil prices held gain into Asia on Friday as continued strife in Iraq underpinned concerns on supply. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in July traded at $106.96 a barrel,up 0.40%, after hitting an overnight session low of $104.36 a barrel and off a high of $1,275.00, its highest settlement since September.
• Natural gas futures shot up on Thursday after official data revealed that U.S. natural gas supplies rose less than expected last week. On the New York Mercantile Exchange, natural gas futures for delivery in July traded at $4.756 per million British thermal units during U.S. trading, up 5.49%. The commodity hit a session high of $4.759 and a low of $4.518. The July contract settled down 0.49% on Wednesday to end at $4.508 per million British thermal units.
• The price of a barrel of Brent oil, traded on the ICE Europe, settled at its highest level since September, climbing 2.8% to $113.02 a barrel, on Thursday.
• The base metals closed lower yesterday, with average losses of 1.2 percent, with the copper price falling the least, it was down 0. 3 percent at $6,673.75, but the others gave back more of their recent gains, with nickel down 2.4 percent at $18,250, the aluminium price off 1.6 percent at $1,866, the lead price down 1.2 percent, zinc off 0.7 percent and tin off 1.1 percent. As such, the markets did seem to have a reaction to the World Bank’s global outlook downgrade and it suggests the run-up in prices of late was largely driven by short-covering.
TRADING STRATEGY :
PLATINUM-COMEX has closed @ 1440.25. If it breaks the level of 1440, it can touch the level of 1432 & 1422 respectively. If it sustain above the level of 1465, it can touch the level of 1473, 1483 respectively.
- SELL PLATINUM-COMEX BELOW 1440 TGTS 1432, 1422 SL 1450.
- BUY PLATINUM-COMEX ABOVE 1465 TGTS 1473, 1483 SL 1455.