9Oct

Comex Trading Signals and Market News – 09 October 2015

INTERNATIONAL COMMODITY NEWS :

  • Crude oil gained in Asia on Thursday despite weak manufacturing figures from Japan and higher U.S. stock-piles than expected reported overnight.On the New York Mercantile Exchange, WTI crude for November rose 0.97% to $48.28 a barrel.Overnight, crude futures see-sawed on a volatile day of trading, amid a stronger than expected build in U.S. crude stockpiles last week.
  • Gold prices dropped in Asia on Thursday as China markets returned from holidays and investors stake positions ahead of Fed minutes later in the day. On the Comex division of the New York Mercantile Exchange, gold for December delivery fell 0.34% to $1,144.80, while silver futures for December delivery dropped 0.74% to $15.975 a troy ounce.
  • Copper slipped on Thursday, while China copper prices rose on a short-covering rally as markets reopened after a week-long break. Copper prices have been supported by expectations of a mild improvement in seasonal demand and cutbacks to supply, despite ongoing worries over China’s growth.

ECONOMY NEWS :

  • China’s foreign exchange reserves fell again in September, for the fifth month in succession. However the drop of $43.3 billion dollars was less than half that in August, when reserves plunged $93.9 billion and set alarm bells ringing about capital outlfows, following China’s devaluation of its currency.
  • Indonesia said it is cutting fuel and electricity prices, providing farmers a safety net and making wage increases more predictable in a third round of measures to boost an economy hit by China’s slowdown and falling commodity prices.
  • Sri Lanka’s 2016 total expenditure is estimated at 3.14 trillion rupees ($22.36 billion) while the total revenue, including foreign grants, is estimated at 1.79 trillion rupees, Cabinet Spokesman Rajitha Senarathne said on Thursday. Senarathne said the Finance Minister sought the approval of the cabinet of ministers to present the appropriation bill for 2016 to Parliament on Oct. 23.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1148 TARGET 1153 1157 SL 1142
  • SELL GOLD BELOW 1140 TARGET 1135 1129 SL 1146

For more information about Commodity market trading or Comex Signals, please visit EPIC RESEARCH SINGAPORE.

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