1Mar

Comex Trading Signals and Market News – 01 March 2016

INTERNATIONAL COMMODITY NEWS :

  • Brent crude futures edged higher on Monday, adding to strong gains last week, on rising hopes the market has bottomed out though analysts warned it would still take a long time to clear a huge global glut. ,Brent futures (LCOc1) were trading at $35.28 per barrel at 1042 GMT (05:42 EST), up 18 cents from their previous close., Since Feb. 11, the last time Brent was below $30, the crude benchmark has risen some 17 percent, although prices are still a fraction of the $115 per barrel seen only 20 months ago.
  • Gold futures pushed higher in European trade on Monday, as sharp declines on China’s stock market drove investors to seek shelter in the safe-haven asset.The Shanghai Composite Index tumbled by more than 4% in early trading to hit levels not seen since late 2014, as China’s central bank guided the yuan to its weakest level in three weeks.
  • Silver futures fell during evening trade in the domestic market on Monday as investors and speculators exited positions in the precious metal after upbeat US economic data signaled strength in the world’s biggest economy despite global headwinds raising the case for the US Federal Reserve to hike interest rates this year after December’s initial lift-off dimming the lure for the bullion as a store of value.

ECONOMY NEWS :

  • The People’s Bank of China eased monetary policy on Monday by cutting the amount of cash that banks must hold as reservesIt was the fifth time since February 2015 that the PBOC cut the Reserve Rate Requirement as it seeks to revive a stumbling economyCutting the RRR will guarantee “ample liquidity” in the financial sector and encourage “appropriate growth” in the credit market the PBOC said.A lower RRR will give Chinese banks the leeway to lower borrowing costs and to make more money available to borrowers.
  • India needs to lower its debt to GDP ratio and materially lower its fiscal deficit for a ratings upgrade, Kyran Curry, S&P director, sovereign ratings in Asia, told Reuters after the federal budget was announced earlier on Monday.The country’s debt to GDP ratio falling to below 60 percent would bring a “clear upside” to the sovereign ratings, Curry said. It currently stands at 67 percent.”We are just seeing continuing a very, very slow pace in its (government’s) consolidation path. And that if anything, delays a ratings rise,” Curry added.
  • Expectations among people in Britain for inflation over the coming year rose to their highest level in five months in    January, according to a survey which followed a pick-up in official inflation data from below zero. The monthly YouGov/Citi survey, published on Monday, found year-ahead inflation expectations rose to 1.5 percent from 1.3 percent in December. Expectations for inflation over the next five to 10 years also rose to 2.9 percent from 2.7 percent, hitting their highest level since October 2014.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1235 TARGET 1240 1246 SL 1229
  • SELL GOLD BELOW 1225 TARGET 1220 1214 SL 1231

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

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