INTERNATIONAL COMMODITY NEWS :
• Gold prices continued slight gains into Thursday Asian trade with demand prospects in focus on Middle East tension and expectations of continued easy global monetary policies. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1,278.40 a troy ounce, up 0.45%, after hitting an overnight session low of $1,266.60 and off a high of $1,275.70.
• Silver for July delivery rose 0.71% at $19.918 a troy ounce. Copper futures for July delivery were up 0.03% at $3.067 a pound.
• Crude oil prices rebounded in Asia on Thursday, taking note of continued strife in major oil producer Iraq and wider tension in the Middle East. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $105.87 a barrel, up 0.26%, after hitting an overnight session low of $105.37 a barrel and a high of $106.45 a barrel.
• Brent oil on ICE Futures Europe rose 0.2% to $113.70 a barrel on Wednesday.
• Natural gas futures fell on Wednesday as investors jumped to the sidelines to await Thursday’s weekly supply report. On the New York Mercantile Exchange, natural gas futures for delivery in July traded at $4.665 per million British thermal units during U.S. trading, down 0.93%. The commodity hit a session high of $4.773 and a low of $4.651. The July contract settled up 0.04% on Tuesday to end at $4.709 per million British thermal units.
• Base metals were mostly trading lower on Thursday, mirroring the lacklustre performance of nickel from Wednesday. Nickel took the headline yesterday, with a hefty jump in warehouse inventories to all-time highs above 300,000 tonnes. Stocks surged a net 19,242 tonnes to 305,970 tonnes due to warranting of 4,176 tonnes in Johor, 7,098 tonnes in Rotterdam and 8,304 tonnes in Singapore. Copper again fluctuated either side of $6,700, with prices now lower together with the rest of the complex at $6,691 per tonne. This is $13 lower than Wednesday’s close at $6,710. Warehouse stocks dropped 525 tonnes to 160,675 tonnes, the lowest since August 2008. Aluminium lost $7 at the current $1,866 with inventories down 9,600 tonnes at 5,100,000 tonnes, the lowest since November 2012. Both lead and zinc has come down from their higher prices seen this week – Lead is now bid at $2,108, falling $15 overnight and zinc lost $9 as well to the current $2,124 per tonne. Tin at $22,469 is $131 lower than Yesterday’s close at $22,600 with a moderate stock increase of 15 tonnes to 10,895 tonnes.
TRADING STRATEGY :
NATURALGAS-NYMEX has closed @ 4.649. If it breaks the level of 4.601, it can touch the level of 4.561 & 4.502 respectively. If it sustain above the level of 4.772, it can touch the level of 4.812, 4.871 respectively.
- SELL NATURALGAS-NYMEX BELOW 4.601 TGTS 4.561, 4.502 SL 4.646.
- BUY NATURALGAS-NYMEX ABOVE 4.772 TGTS 4.812, 4.871 SL 4.727.