27Jun

Comex Commodity Trading Signals and Market News – 27 June 2014

INTERNATIONAL COMMODITY NEWS :

Gold prices gained in Asia on bargain hunting after an upbeat assessment on the U.S> economy by a Fed official dimmed hit the metal overnight. On the Comex division of the New York Mercantile Exchange, Gold futures for August delivery traded at $1,317.70 a troy ounce, up 0.05%, after hitting an overnight session low of $1,307.00 and off a high of 1,320.60.

Silver for September delivery was down 0.02% at $21.158 a troy ounce. Copper futures for September delivery were down 0.12% at $3.169 a pound.

Crude oil prices continued to fall into Asai on Friday as ample supplies outweigh, for now, the threat of disruption of shipments from Iraq and U.S. data pointed to weaker than expected demand. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $105.68 a barrel, down 0.16%, after hitting an overnight session low of $105.04 a barrel and a high of $106.85 a barrel.

• The Brent oil contract on the ICE Futures Europe fell by 0.1% to $113.67, and is now $2 below the levels reached a week ago.

Natural gas futures fell on Thursday after official data revealed U.S. inventories rose more than markets were expecting last week.On the New York Mercantile Exchange, natural gas futures for delivery in August traded at $4.448 per million British thermal units during U.S. trading, down 2.66%. The commodity hit a session high of $4.607 and a low of $4.434. The August contract settled up 0.29% on Wednesday to end at $4.569 per million British thermal units.

Base metals drifted routinely during Thursday LME premarket trading and looked set for a neutral day, traders said, after copper lost early upside momentum – prices had climbed to fresh three-week highs. In the metals, the copper price jumped to $6,954 at one stage before tailing away to $6,910 per tonne, down $5 from the previous kerb close. Warehouse stocks registered a 20th daily fall on the trot – dropping a net 825 tonnes to 156,000 tonnes, the lowest since August 2008, again. The aluminium price continued to encounter difficulty in sustaining a foothold above $1,900 and retest this week’s two-week peaks, retreating to trade at $1,894, a $6 loss. Inventories declined for a 23rd successive day, with a 5,825-tonne fall to 5,060,425 tonnes, the lowest since October 2012. The zinc price traded at $2,184, up just $1 and struggling to test its 16-month highs hit at the start of the week near $2,200 – stocks fell 1,075 tonnes to 667,700 tonnes, a new low since December 2010. Sister metal lead at $2,171 was $4 higher, running below six-month peaks set earlier this week, while inventories dropped 275 tonnes to 191,900 tonnes. Nickel traded at $18,630, up $55, having corrected higher from near $18,000. Inventories dropped 306 tonnes to 305,556 tonnes but remain near all-time highs. The tin price slipped $75 to $22,425, with stocks climbing 85 tonnes to 11,185 tonnes, a fresh high since November 2013.

TRADING STRATEGY :

NATURALGASL-NYMEX has closed @ 4.445. If it breaks the level of 4.425, it can touch the level of 4.385 & 4.325 respectively. If it sustain above the level of 4.569, it can touch the level of 4.609, 4.669 respectively.

  • SELL NATURALGAS-NYMEX BELOW 4.425 TGTS 4.385, 4.325 SL 4.470.
  • BUY NATURALGAS-NYMEX ABOVE 4.569 TGTS 4.609, 4.669 SL 4.528.

Fore more information about Comex Commodity Market Trading or Signals, Please visit- EPIC RESEARCH PRIVATE LIMITED.

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