29Oct

Comex Trading Signals and Market News – 29 October 2015

INTERNATIONAL COMMODITY NEWS :

Gold prices inched higher on Wednesday, as investors looked ahead to the Federal Reserve’s monetary policy statement due later in the session for fresh signals on the timing of a U.S. interest rate hike. Gold for December delivery on the Comex division of the New York Mercantile Exchange tacked on $5.00, or 0.43%, to trade at $1,170.80 a troy ounce during European morning hours. A day earlier, gold shed 40 cents, or 0.03%. The Fed is widely expected to hold off on raising interest rates at the conclusion of its policy meeting later in the day. The central bank releases its post-meeting statement at 2:00PM ET and investors will be looking for signals on the possibility of a December rate hike.

• West Texas Intermediate oil futures held near a two-month low on Wednesday, amid speculation weekly supply data due later in the session will show U.S. crude inventories rose at a faster pace than expected last week. Crude oil for delivery in December on the New York Mercantile Exchange inched up 21 cents, or 0.5%, to trade at $43.42 a barrel during European morning hours.On Tuesday, Nymex crude prices lost 78 cents, or 1.77%. It earlier fell to $42.58, a level not seen since August 28, as oversupply concerns remained a factor for oil markets.The U.S. Energy Information Administration will release its weekly report on oil supplies at 10:30AM ET Wednesday. The data was expected to show that crude inventories rose by 3.4 million barrels last week, while gasoline stockpiles were forecast to decline by 0.8 million barrels.

Copper futures fell to a one-week low on Wednesday, as persistent worries about future demand from top consumer China weighed. Copper for December delivery on the Comex division of the New York Mercantile Exchange shed 1.1 cents, or 0.45%, to trade at $2.351 a pound during morning hours in London. It earlier fell to $2.341, the lowest since October 21. On Tuesday, copper inched up 0.5 cents, or 0.21%. Copper prices have been under pressure in recent weeks as fears of a China-led global economic slowdown spooked traders and rattled sentiment.China’s economy grew 6.9% in the third quarter, according to data released earlier in the month, the first time since the global financial crisis that the Asian nation’s gross domestic product has grown less than 7%. Concerns over a global economic slowdown led by China and its impact on U.S. growth prospects have prompted market participants to push back expectations for a rate increase to March 2016, though a few haven’t completely ruled out a move in December.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1175 TARGET 1180 1186 SL 1169
  • SELL GOLD BELOW 1165 TARGET 1160 1154 SL 1159

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