INTERNATIONAL COMMODITY NEWS :
• Gold futures held onto the week’s gains on Friday, buoyed by dovish language out of the Federal Reserve as well as concerns the U.S. may get dragged deeper into the Iraqi insurgency and risk slowing economic recovery. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at 1,316.10 a troy ounce during U.S. trading, up 0.15%, up from a session low of $1,307.20 and off a high of $1,322.40. The August contract settled up 3.25% at $1,314.10 on Thursday.
• Silver for July delivery was up 1.36% at $20.928 a troy ounce, while copper futures for July delivery were up 1.42% at $3.122 a pound.
• Crude futures rose on Friday as a bloody Iraq insurgency continued to stoke fears shipments from the oil-rich country will be affected, while the U.S. said it was sending military advisors to the troubled country in an effort to end the violence. In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $106.75 a barrel during U.S. trading, up 0.66%. New York- traded oil futures hit a session low of $105.82 a barrel and a high of $106.77 a barrel. The August contract settled up 0.44% at $106.05 a barrel on Thursday.
• The ICE Futures Exchange in London, Brent oil futures for August delivery were down 0.40% and trading at US$114.60 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$7.85 a barrel.
• Natural gas futures carried Thursday’s data-driven losses into Friday as investors priced in a bearish supply report into trading, while weather forecasts calling for a break in a heat wave also pushed down prices. On the New York Mercantile Exchange, natural gas futures for delivery in July traded at $4.536 per million British thermal units during U.S. trading, down 1.06%. The commodity hit a session high of $4.614 and a low of $4.520. The July contract settled down 1.61% on Wednesday to end at $4.584per million British thermal units.
• Base metals were steady in Friday’s LME premarket but taking support from a softer dollar, which has been trending lower since the FOMC meeting earlier this week, with the US central bank’s tone more dovish than expected. In the metals, copper jumped to a two- week high of $6,794 before settling at $6,778 per tonne, still up $53 on Thursday’s close. Meanwhile, volumes have improved after a slow week, with some 7,500 lots changing hands so far. Aluminium was $1 higher at $1,890 – stocks fell 7,925 tonnes to 5,084,125 tonnes but cancellations jumped 64,175 tonnes due to fresh cancellations in Vlissingen, Alabama and Detroit. Zinc at $2,168 was up $15. While stocks rose 1,900 tonnes to 676,275 tonnes, cancelled warrants increased 7,300 tonnes to 62,975 tonnes. Lead rose $14 to $2,143 – there was no change in stocks. Nickel at $18,573 increased $243 after stocks fell 42 tonnes to 305,310 tonnes and cancelled warrants climbed 1,404 tonnes to 113,070 tonnes. Tin was up $50 at $22,645; stocks fell 15 tonnes to 10,845 tonnes.
TRADING STRATEGY :
WTICRUDEOIL-NYMEX has closed @ 107.05. If it sustain above the level of 107.40, it can touch the level of 107.90 & 108.60 respectively. If it breaks the level of 105.30, it can touch the level of 104.80, 104.10 respectively.
- BUY WTICRUDEOIL-NUMEX ABOVE 107.40 TGTS 107.90, 108.60 SL 106.81.
- SELL WTICRUDEOIL-NUMEX BELOW 105.30 TGTS 104.80, 104.10 SL 105.89.
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