INTERNATIONAL COMMODITY NEWS :
• U.S. natural gas futures rallied more than 2% on Friday, as weather patterns called for warmer summer temperatures across much of the U.S. later this week. On the New York Mercantile Exchange, natural gas for delivery in September hit a daily high of $3.975 per million British thermal units, before settling at $3.962 by close of trade, up 2.22%, or 8.6 cents. Demand for natural gas tends to fluctuate in the summer based on hot weather and air conditioning use.
• Crude oil futures swung between small gains and losses on Monday, as traders awaited new developments from Ukraine and the Middle East. On the ICE Futures Exchange in London, Brent oil for October delivery dipped 0.09%, or 10 cents, to trade at $105.53 a barrel during European morning hours Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in September inched up 0.09%, or 9 cents, to trade at $97.74 a barrel.Fighting between Ukraine security forces and pro-Russia rebels continued in eastern Ukraine over the weekend, as Ukraine dismissed the insurgents’ offer of a ceasefire.
• Copper futures edged higher on Monday, as investors digested Chinese inflation data released over the weekend. On the Comex division of the New York Mercantile Exchange, copper for September delivery tacked on 0.18%, or 0.6 cents, to trade at $3.179 a pound during European morning hours. Copper prices have been on a downward trend in recent sessions amid indications of a slowdown in demand from China, the world’s largest consumer of the red metal. Official trade data released Friday showed that China’s copper arrivals fell 2.9% month-on-month in July, declining for a third straight month.
• Gold futures edged modestly lower on Monday, as market players continued to monitor geopolitical developments from Ukraine and the Middle East. On the Comex division of the New York Mercantile Exchange, gold for December delivery dipped 0.15%, or $2.00, to trade at $1,309.00 a troy ounce during European morning hours. Gold prices eased in Asia on Monday on profit taking, but remain well supported on prospects for volatility linked to events in the Middle East and Russia. On the Comex division of the New York Mercantile Exchange, gold for December delivery eased to $1,309.70 a troy ounce, down 0.10%, after settling last week at $1,311.00 by close of trade, down 0.11%, or $1.50.
TRADING STRATEGY :
- BUY GOLD ABOVE 1314 TG 1320,1330 SL 1304
- SELL GOLD BELOW 1304 TG 1298,1288 SL 1313