29Dec

Comex Trading Signals and Market News – 29 December 2015

INTERNATIONAL COMMODITY NEWS :

  • Oil prices ticked lower in quiet trading ahead of the end of the year on Monday, as last week’s sharp rally came to a halt.Heading into the final week of the year, trading volumes are expected to remain light as many traders already closed books due to the holiday period, reducing liquidity in the market and increasing volatility.
  • Copper futures fell in the domestic market on Monday as investors and speculators exited positions in the industrial metal as a sixth straight drop in China’s industrial companies’ profits in November raised fears over a hard landing in the world’s second biggest economy clouding the demand outlook for copper.China’s industrial profits fell 1.4 percent year on year in November 2015 data showed over the weekend.
  • Natural Gas futures soared by more than 3 per cent in the domestic market on Thursday as investors and speculators booked fresh positions in the energy commodity tracking a firm trend in the overseas market as a bigger than expected US stockpile withdrawal signaled a pickup in demand for the heating fuel in the world’s biggest economy. US gas stockpiles fell by 32 billion cubic feet to 3.814 trillion cubic feet in the week ended December 18 2015 the EIA said compared to an expectation of a 25 billion cubic feet drop.

ECONOMY NEWS :

  • Japanese industrial production was down a seasonally adjusted 1.0 percent on month in November, falling for the    first time in three months, the Ministry of Economy, Trade and Industry said on Monday. That missed forecasts for a decline of 0.5 percent following the 1.4 percent gain in October. n a yearly basis, industrial production climbed 1.6 percent following the 1.4 percent drop in the previous month. Upon the release of the data, the METI maintained its assessment of industrial production, saying that it has been fluctuating indecisively.
  • Associated Chambers of Commerce and Industry (Assocham) has further lowered its outlook for India’s exports in the current fiscal to $255-260 billion, countering the government’s claim that there is no crisis in the sector. The Industry chamber FICCI said the country’s third quarter manufacturing is also set to decline due to sluggish exports.
  • China’s central bank said on Monday that it would “flexibly” use various policy tools to maintain appropriate liquidity and reasonable growth in credit and social financing.The People’s Bank of China will keep the yuan basically stable while forging ahead with reforms to help improve its currency regime, it said in a statement summarising the fourth-quarter monetary policy committee meeting.The PBOC said it would maintain a prudent monetary policy, keeping its stance “neither too tight nor too loose”. The prudent policy has been in place since 2011.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1075TARGET 1080 1086 SL 1069
  • SELL GOLD BELOW 1070 TARGET 1065 1059 SL 1076

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