2Nov

Comex Trading Signals and Market News – 02 November 2015

INTERNATIONAL COMMODITY NEWS :

Crude futures dropped in Asian trading on Friday after the release of a report showing that U.S. economic growth had slowed sharply, reinforcing concerns about sluggish demand in a world awash with oil.U.S. economic growth braked sharply in the third quarter as businesses cut back on restocking warehouses to work off an inventory glut, data showed. Both of the main crude benchmarks are on track to post their first weekly gains in three weeks, but with oil still being added to inventories, prices are likely to be range bound in the coming weeks, traders and analysts said.U.S. crude was down 45 cents at $45.89 a barrel at 0739 GMT. The benchmark is on track to post a gain of 2.4 percent this week.Brent crude fell 32 cents to $48.48 a barrel and is heading for an increase of 1 percent this week.

Gold prices edged higher in European morning hours on Friday, helped by a softer U.S. dollar, but the precious metal remained close to a three-week low amid fresh indications the Federal Reserve could raise interest rates before the end of the year.On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up 0.17% at $1,149.40. The December contract ended Thursday’s session 2.45% lower at $1,147.30 an ounce.Futures were likely to find support at $1,138.70, the low from October 8 and resistance at $1,162.00, Thursday’s high. The dollar came under pressure after the Commerce Department reported on Thursday that U.S. gross domestic product grew at an annual rate of 1.5% in the three months to September, missing expectations for growth of 1.6%.

• U.S. natural gas futures fell to a fresh three-year low on Friday as the market focused on warm weather forecasts at the start of the winter heating season in November. March-April is usually the widest month-to-month spread of the year since it marks the end of the winter heating season and the start of spring, making it one of the most widely traded gas spreads. It is known as the widow-maker because it can quickly turn against speculators with changing winter forecasts. Both the U.S. and European weather models called for continued well above normal temperatures over the next two weeks, expected to keep residential, commercial and industrial heating demand lower than normal during that time, according to Thomson Reuters Analytics.

Copper fell on Friday, retreating from a one-week high after a strong dollar offset optimism stemming from top metals consumer China cutting interest rates to boost its slowing economy. Prices on the London Metal Exchange had surged after China’s central bank cut interest rates for the sixth time in less than a year and again lowered the amount of cash that banks must hold as reserves. A continued decline in LME copper stocks, which are at their lowest levels since February, helped support prices, as did news of more production cuts. Freeport-McMoRan said on Thursday it would cut copper output further as it posted a bigger-than-expected quarterly loss.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1150 TARGET 1155 1161 SL 1144
  • SELL GOLD BELOW 1142 TARGET 1137 1131 SL 1147

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