INTERNATIONAL COMMODITY NEWS :
• Gold prices fell in Asia on Thursday in profit taking as investors still expect the U.S. Federal Reserve to unwind its asset purchase program on schedule. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1,320.00 a troy ounce, down 0.20%, after hitting an overnight session low of $1,311.40 and off a high of $1,325.60.
• Silver for September delivery was down 0.37% at $21.093 a troy ounce Copper futures for September delivery were up 0.04% at $3.167 a pound.
• Crude oil prices gained in Asia Thursday as continued civil strife in Iraq keeps concerns of supply disruptions front and center. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $106.72 a barrel, up 0.20%, after hitting an overnight session low of $105.50 a barrel and a high of $107.02 a barrel.
• Brent oil on the ICE Futures Europe exchange fell 0.4% to $114.00 a barrel.
• Natural gas futures rose on Wednesday after updated weather-forecasting models called for a return of typical summertime temperatures over much of the central and eastern U.S. On the New York Mercantile Exchange, natural gas futures for delivery in August traded at $4.580 per million British thermal units during U.S. trading, up 0.52%. The commodity hit a session high of $4.606 and a low of $4.533. The August contract settled up 1.97% on Tuesday to end at $4.556 per million British thermal units.
• Base metals were looking to resume the upside momentum seen so far this week during Wednesday LME premarket trading, with most having challenged upside chart barriers in recent sessions on investment buying. n the metals the copper price got to within $5 of the $6,900 but then settled back at an unchanged $6,885. Warehouse stocks registered their 19th successive daily decline, falling a net 900 tonnes to 156,825 tonnes, the lowest once more since August 2008. The aluminium price jumped back above $1,900, touching $1,912, and then held at $1,910, up $14. Inventories registered their 22nd successive daily fall, with the 5,875- tonne decline taking the stockpile down to 5,066,250 tonnes. In others, the zinc price remains on hold below $2,200, with recent trade at $2,185 a $10 advance – stocks dropped 2,475 tonnes to 668,775 tonnes, the lowest since December 2010/ Lead was similarly stuck below $2,200 – it was last $4.50 lower at $2,179 – while inventories were down 350 tonnes at 192,175 tonnes. The nickel price rose $90 to $18,220 but the 474-tonne increase in inventories took the total to 305,862 tonnes, just 108 tonnes below last week’s all-time highs. Tin at $22,575 was unchanged, although stocks increased 255 tonnes to 11,100 tonnes, a seven-month high.
TRADING STRATEGY :
COPPER-COMEX has closed @ 3.1585. If it sustain above the level of 3.1770, it can touch the level of 3.1870 & 3.2020 respectively. If it breaks the level of 3.1270, it can touch the level of 3.1170, 3.1020 respectively.
- BUY COPPER-COMEX ABOVE 3.1770 TGTS 3.1870, 3.2020 SL 3.1660.
- SELL COPPER-COMEX BELOW 3.1270 TGTS 3.1170, 3.1020 SL 3.1380.