3Feb

Comex Trading Signals and Market News – 03 February 2016

INTERNATIONAL COMMODITY NEWS :

  • Copper prices fell by 1.81 per cent on Monday as the release of weak Chinese manufacturing activity data underlined concerns over the health of the world’s second largest economy. Copper traders view Chinese factory activity as an indicator of the nation’s copper demand as the red metal is widely used by the sector. The official China manufacturing purchasing managers’ index fell to a three-year low of 49.4 in January from 49.7 a month earlier falling short of expectations for 49.6.
  • Natural Gas futures plummeted by over 3 per cent during noon trade in the domestic market on Monday as investors and speculators resorted to profit booking in the energy commodity after a spectacular rally on Friday and Thursday when upbeat supplies data which showed a hefty storage withdrawal coupled with forecasts for colder weather in the US in the first two weeks of February which bolstered the demand outlook for the heating fuel buoyed sentiment.
  • Gold futures rose to a fresh three-month high in Europe trade on Tuesday, amid growing skepticism over the Federal Reserve’s ability to raise interest rates as much as it would like this year.Gold for April delivery on the Comex division of the New York Mercantile Exchange rose to an intraday peak of $1,131.00 a troy ounce, the most since November 3, before turning lower to trade at $1,125.50 by 07:50GMT, or 2:50AM ET, down $2.50, or 0.22%.

ECONOMY NEWS :

  • The Reserve Bank of India left the key repo rate steady at 6.75 percent, opting to wait until after the government’s annual budget statement at the end of February to decide on whether to cut interest rates further. of a post-budget rate cut have surfaced after Rajan said further room for rate cuts would open up if the forthcoming budget came up with structural reforms to help boost growth and contain inflation.
  • The European Central Bank is working on a plan to allow consumers to transfer money using their phone numbers or email addresses rather than a complicated bank account number, a senior bank official said.In an interview with RTL Nieuws broadcast on Monday, ECB executive board member Yves Mersch said the system would let a consumer link, for instance, her telephone number to her International Bank Account Number, or IBAN.
  • China’s central bank will inject 50 billion yuan (5.2 billion pounds)into the money markets through 14-day reverse bond repurchase agreements and an additional 50 billion yuan through 28-day reverse repos on Tuesday, traders said. PBOC also injected 10 billion yuan into the money markets through 28-day reverse repos on Monday in an off – schedule open market operation. Maturing reverse repos will drain a net 180 billion yuan from the banking system this week.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1127 TARGET 1132 1138 SL 1121
  • SELL GOLD BELOW 1120 TAREGT 1115 1109 SL 1126

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