27Oct

Comex Trading Signals and Market News – 27 October 2015

INTERNATIONAL COMMODITY NEWS :

Crude oil prices remained weak on Monday as a slowing demand outlook implied oversupply will remain in place for months, prompting speculators to cut their bets on rising prices.Front-month U.S. crude futures were trading at $44.77 per barrel at 12.32 a.m. ET, 17 cents above their last close but more than 12 percent below their October peak.International benchmark Brent was 16 cents higher at $48.15 a barrel.ANZ bank said it expected prices to remain low for the rest of this year and that speculators were cutting their bets on higher prices.”Net speculative (U.S.) long positions declined by 13,841 contracts for the week ending 20 October,” ANZ said. “We remain cautious on commodity prices into year-end given weak demand conditions.”

Gold prices rebouned in Asia on Monday as investors looked ahead to a central bank focused week.Gold for December delivery on the Comex division of the New York Mercantile Exchange rose 0.15% to $1,164.50 a troy ounce.Last week, gold futures declined for the third straight day on Friday, to end the week sharply lower as a broadly stronger U.S. dollar dampened the appeal of the precious metal. The dollar surged against the euro after European Central Bank President Mario Draghi signaled further monetary easing could be on deck for the euro zone as early as December. The comments came at the ECB’s post-meeting press conference on Thursday. Meanwhile, markets began to turn their attention to the Federal Reserve’s policy meeting next week. Investors have been trying to gauge when the Fed will raise interest rates for the first time in nearly a decade after recent economic reports offered a mixed picture of the U.S. economy.

Copper inched up early on Monday after China cut interest rates late last week to shore up growth in the world’s No.2 economy. China’s central bank cut interest rates for the sixth time in less than a year, and it again lowered the amount of cash that banks must hold as reserves in a bid to jump start growth in its stuttering economy.”While rate cuts will stoke concern over China’s slowdown, the ample room for rate cuts and multiple options to maintain liquidity to (the) real economy greatly reduce downside risks,” Argonaut Security said in a note.

Aluminium prices eased 0.26 per cent and were trading at Rs 95.15 per kg in futures trade today as speculators reduced exposure, driven by sluggish demand from consuming industries at the spot market amid weak trend overseas.At the Multi Commodity Exchange, aluminium for delivery in October shed 25 paise, or 0.26 per cent to Rs 95.15 per kg in business turnover of 620 lots. The November contract traded lower by 20 paise, or 0.21 per cent to Rs 96.95 per kg in 144 lots.Analysts said offloading of positions by speculators amid sluggish demand in the spot market and a weak trend in base metals at the London Metal Exchange, mainly led to decline in aluminium prices at futures trade.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1167 TARGET 1172 1178 SL 1161
  • SELL GOLD BELOW 1160 TARGET 1155 1149 SL 1166

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