Comex Trading Signals and Market News – 14 January 2015


Copper prices plunged in Asia on wednesday with investors pointing to demand concerns in China, but no specific events that would trigger a further decline from overnight. Copper for March delivery plunged 4.30% to $2.492 a pound, after hitting a daily overnight low of $2.639, a level not seen since August 2009.Strong trade data from China on Tuesday, the world’s largest copper consumer, failed to boost sentiment.The Asian nation reported a trade surplus of $49.6 billion in December, broadly in line with expectations. Exports jumped 9.7% in December, but imports rose by a smaller-than-forecast 2.4%, pointing to weak domestic demand.

Gold prices dipped in Asia on Wednesday though physical demand prospects offered some support in India and China as weaker prices attracted jewelry makers..On the Comex division of the New York Mercantile Exchange, gold futures for February delivery fell 0.64% to $1,226.50 a troy ounce.Overnight, gold rose to a 12-week high on Tuesday, before trimming some of those gains as the U.S. dollar strengthened and stock markets rebounded from the previous day’s losses. Gold remained supported after the latest U.S. jobs report last week showed a surprise drop in hourly wages, suggesting that the Federal Reserve could keep rates on hold for longer. The precious metal lost nearly 2% in 2014 amid indications a strengthening U.S. economic recovery will force the Fed to start raising interest rates sooner and faster than previously thought.A delay in raising interest rates would be seen as bullish for gold, as it decreases the relative cost of holding on to the metal, which doesn’t offer investors any similar guaranteed payout.

Oil prices slid in early Asian trade on Wednesday after touching their lowest in nearly six years the previous session, with analysts predicting further falls as oversupply plagues the market.Oil tumbled 5 percent to near six-year lows on Tuesday, with the Brent crude international benchmark briefly trading at par to U.S. prices for the first time in three months as some traders moved to take advantage of ample U.S. storage space.Oil storage trends also imply further price falls, with U.S. stocks possibly approaching 80 percent
of capacity by the upcoming spring season, according to U.S.-based PIRA Energy Group.

• U.S. natural gas prices rebounded on Tuesday, as investors returned to the market to seek cheap valuations in wake of recent losses which took prices to the lowest level in more than two years.On the New York Mercantile Exchange, natural gas for delivery in February rallied 7.9 cents, or 2.83%, to trade at $2.874 per million British thermal units during U.S. morning hours.A day earlier, natural gas hit $2.783, a level not seen since September 2012, before settling at $2.795, down 15.1 cents, or 5.13%, as forecasts showed a return to milder weather in the second half of January.


  • SELL GOLD BELOW 1224 TARGET 1219 1213 SL 1230
  • BUY GOLD ABOVE 1240 TARGET 1245 1251 SL 1234

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