23Nov

Comex Trading Signals and Market News – 23 November 2015

INTERNATIONAL COMMODITY NEWS :

  • Gold prices regained some ground in European morning hours on Friday, but remained within close distance of a five-and-a-half year low as expectations for a December rate hike in the U.S. continued to lend broad support to the greenback.On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up 0.23% at $1,080.40.
  • Natural gas futures tanked near three year lows yet again today as record higher inventories and thin demand expectations weighed on the sentiments. Natural gas storage levels reached around 4 trillion cubic feet last week, the US Energy Information Administration said yesterday. The EIA data showed that US producers added 15 billion cubic feet of natural gas to storage in the week ended November 13, 2015.
  • Oil futures gave up early gains to trade near three-month lows on Friday on a persistent supply glut that has cut prices by up to 13 percent since the start of November.U.S. crude West Texas Intermediate (WTI) dipped 11 cents to $40.43 a barrel as of 0731 GMT, after edging up in earlier trades. It ended down 21 cents at $40.54 on Thursday, after dipping to $39.89 during the previous session, its lowest since Aug. 27.

ECONOMY NEWS :

  • UK public sector net borrowing, excluding public sector banks, climbed to GBP 8.2 billion in October from GBP 7.1 billion in the same month last year, figures from the Office for National Statistics showed Friday. It was expected to narrow to GBP 6.0 billion. For the April to October period, borrowing totaled GBP 54.3 billion versus GBP 60.9 billion a year earlier.
  • Germany’s producer prices decreased 2.3 percent in October from last year, the biggest fall since February 2010, when prices declined 3 percent, data published by Destatis showed Friday. Producer prices have been falling since August 2013. Month-on-month, producer prices slid 0.4 percent in October, the same rate of fall as seen in September. Prices were expected to drop 0.2 percent.
  • India’s mines ministry has written to the finance ministry to propose scrapping a 5 percent export duty on iron ore pellets, Mines Secretary Balvinder Kumar told Reuters, adding the government could also look at abolishing duty on low-grade iron ore.He said miners in Goa have written to him seeking the cancellation of the 10 percent duty on overseas shipments of iron ore from the state. Goa is known for low-grade ore used mainly by Chinese steel mills.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1080 TARGET 1085 1091 SL 1074
  • SELL GOLD BELOW 1070 TARGET 1065 1059 SL 1076

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

Share this Story

About epicsingapore

Leave a Reply

Your email address will not be published. Required fields are marked *

*

© Copyright 2013, All Rights Reserved, Epic Research Pvt. Ltd.