INTERNATIONAL COMMODITY NEWS :
• Gold futures remained in positive territory due to safe-haven demand from investors worried over chaos erupting in Iraq remained in a tight trading range after President Barack Obama said the U.S. won’t send in troops to quell the insurgency. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at 1,275.90 a troy ounce during U.S. trading, up 0.15%, up from a session low of $1,271.00 and off a high of $1,277.50. The August contract settled up 1.01% at $1,274.00 on Thursday.
• Silver for July delivery was up 0.69% at $19.668 a troy ounce, while copper futures for July delivery were up 0.49% at $3.030 a pound.
• Crude futures advanced on Friday amid fears that Iraq is on the brink of a civil that could disrupt oil shipments, though reassurances from President Barack Obama that the U.S. won’t send troops into the troubled country moved prices off earlier highs.On the new York Mercantile Exchange, West Texas Intermediate crude oil for delivery in July traded at $106.91 a barrel during U.S. trading, up 0.36%. New York-traded oil futures hit a session low of $106.39 a barrel and a high of $107.67 a barrel. The July contract settled up 2.04% at $106.53 a barrel on Thursday.
• Natural gas futures edged lower on Friday after investors locked in gains from Thursday’s bullish supply report and sold the commodity for profits. 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, down 0.14%. The commodity hit a session high of $4.791 and a low of $4.717. The July contract settled up 5.63% on Thursday to end at $4.762 per million British thermal units.
• Base metals other than the tin price were back in positive territory in Friday’s pre-market sessions, rebounding from the previous day’s lows. The copper price dived to a five-week low near $6,600 on Thursday, aluminium its weakest for a week and lead its softest for a month. High-priced nickel and tin saw steeper corrections, falling to their lowest for two and three months respectively. The copper price at $6,662 per tonne was up $42 on Thursday’s close. The aluminium price at $1,850 was $5 higher – stocks fell 4,575 tonnes to 5,127,100 tonnes – and nickel climbed $88 to $18,088 although stocks rose 228 tonnes to 286,710 tonnes and cancelled warrants fell 720 tonnes to 114,270 tonnes. The lead price at $2,083 was up $8 following a 25-tonne stock drop to 191,250 tonnes and zinc at $2,086 was $11 higher – stocks and cancelled warrants both fell 2,650 tonnes to 684,625 tonnes and 65,275 tonnes respectively. The tin price was the exception, falling $50 to $22,520 after a 60-tonne stock increase to 10,900 tonnes.
• The ICE Futures Exchange in London, Brent oil futures for August delivery were up 0.30% and trading at US$112.76 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$5.85 a barrel.
TRADING STRATEGY :
PLATINUM-COMEX has closed @ 1431.75. If it breaks the level of 1427, it can touch the level of 1420 & 1408 respectively. If it sustain above the level of 1453, it can touch the level of 1460, 1472 respectively.
- SELL PLATINUM-COMEX BELOW 1427 TGTS 1420, 1408 SL 1437.
- BUY PLATINUM-COMEX ABOVE 1453 TGTS 1460, 1472 SL 1443.