Comex Trading Signals and Market News – 13 January 2015


Gold prices eased lower in early Asia on Tuesdya with investors warily eyeing the global commodity complex as crude oil continues to plunge.On the Comex division of the New York Mercantile Exchange, gold futures for February delivery traded at 1.230.90 a troy ounce, down 0.15%, while silver futures for March delivery climbed 0.05% to trade at $16.572an ounce.Overnight, copper prices fell to a more than five-year low on Monday, as growing concerns over a slowdown in global demand combined with a broadly stronger U.S. dollar dampened the appeal of the red metal.Copper for March delivery on the Comex hit a daily low of $2.700 a pound, a level not seen since October 2009, before trading at $2.717 during U.S. morning hours, down 1.37%. On early Tuesday in Asia, copper futures were flat at 2.722 a pound.Copper fell after data showed that Chinese producer price inflation dropped by the most in two years in December, underling concerns over a slowdown in demand.The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year.

Crude oil prices fell further in Asia on Tuesday ahead of U.S. stocks data and on the back of major downgrades in price forecast by leading banks.Later Tuesday, the American Petroleum Institute will release its estimates of crude, distillate and gasoline stocks in the U.S., to be followed on Wednesday by more closely watched Department of Energy figures on the same items.On the New York Mercantile Exchange, crude oil for delivery in February fell to $45.74 a barrel, down 0.73%.

• U.S. natural gas prices were down sharply on Monday, as forecasts showed a return to milder weather in the second half of January after a polar blast last week.On the New York Mercantile Exchange, natural gas for delivery in February tumbled 10.7 cents, or 3.65%, to trade at $2.839 per million British thermal units during U.S. morning hours, after hitting a daily low of $2.832. Meanwhile, the U.S. Energy Information Administration’s next storage report is slated for release on Thursday, January 15, with analysts expecting a decline of 192 billion cubic feet for the week ending January 9.Inventories fell by 268 billion cubic feet in the same week a year earlier, while the five- year average change is a drop of 190 billio cubic feet. Natural gas storage in the U.S. fell by 131 billion cubic feet last week.

• A diplomatic push by Venezuela and Iran for an OPEC oil output cut has failed to soften the refusal of the group’s Gulf members to do so for now, delegates said on Monday.An oil price sinking under $49 a barrel on Monday is twisting the knife in Venezuela’s steadily shrinking economy and in sanctions-bound Iran.Venezuelan President Nicolas Maduro on Sunday met Saudi Arabia’s Crown Prince Salman in Riyadh before heading to Qatar and Algeria on a tour to discuss the oil price crisis.


  • BUY GOLD ABOVE 1242 TARGET 1247 1253 SL 1236
  • SELL GOLD BELOW 1230 TARGET 1225 1219 SL 1236

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