INTERNATIONAL COMMODITY NEWS :
• Gold prices gained in Asia on Friday as easy monetary policies globally and tension in the Middle East supported safe-haven demand. On the Comex division of the New York Mercantile Exchange, Gold futures for August delivery traded at $1,319.60 a troy ounce, up 0.42%, after hitting an overnight session low of $1,275.90 and off a high of $1,319.10.
• Silver for July delivery rose 0.83% at $20.820 a troy ounce. Copper futures for July delivery were down 0.04% at $3.074 a pound.
• Crude oil prices gained in Asia on Friday at a slow pace as investors monitor developments in Iraq for the potential of supply disruptions. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $106.09 a barrel, up 0.04%, after hitting an overnight session low of $105.12 a barrel and a high of $106.38 a barrel. The July contract expires on Friday. The more-actively traded August contract also rose 0.4% to settle at $106.05 a barrel.
• Brent oil on the ICE futures exchange settled up 0.7% at $115.06 a barrel, a fresh nine-month high.
• Natural gas futures fell on Thursday after data revealed that U.S. inventories rose more than expected last week. On the New York Mercantile Exchange, natural gas futures for delivery in July traded at $4.610 per million British thermal units during U.S. trading, down 1.06%. The commodity hit a session high of $4.700 and a low of $4.580. The July contract settled down 1.06% on Wednesday to end at $4.659 per million British thermal units.
• Base metals were mostly trading in the positive on Friday Asian trade, as assurance by China’s Premier Li that the country will maintain medium to high growth gave traders confidence on metals demand. Copper rose to a high of $6,778 this morning, hitting a peak above Wednesday’s two-week high at $6,744 and currently trades $35 above yesterday’s close at $6,760 per tonne. Zinc prices jumped to their highest since February 2013, clearing the $2,150 level on technical buying. Business has continued its climb this morning, trading now at $2,165 and $15 higher than Thursday’s last. Meanwhile warehouse stocks fell again, with a 3,075-tonne decline taking the total to 674,375 tonnes, the lowest since mid-December 2012. Nickel, which saw some weakness in the last few days, rebounded with the rest of the complex as well. The metal gained $360 overnight to last bid at $18,650 against yesterday’s $18,290 per tonne. Stocks dropped 618 tonnes from what were all-time highs to 305,352 tonnes. Still, prices have fallen sharply from near-three-week highs of $19,275 hit on Wednesday. Aluminium was modestly higher at $1,892, gaining just $3 overnight with inventories falling 7,950 tonnes to 5,092,050 tonnes, another 19-month low. Lead at $2,165 gained $36 while Tin lost $19 to $22,576 per tonne.
TRADING STRATEGY :
PLATINUM-COMEX has closed @ 1468.75. If it sustain above the level of 1470, it can touch the level of 1477 & 1488 respectively. If it breaks the level of 1449, it can touch the level of 1442, 1431 respectively.
- BUY PLATINUM-COMEX ABOVE 1470 TGTS 1477, 1488 SL 1460.
- SELL PLATINUM-COMEX BELOW 1449 TGTS 1442, 1431 SL 1459.