9Mar

Comex Trading Signals and Market News – 09 March 2016

INTERNATIONAL COMMODITY NEWS :

  • Silver futures were trading higher during noon trade in the domestic market on Tuesday as investors and speculators booked fresh positions in the precious metal amid hopes that the European Central Bank (ECB) will unleash further monetary easing measures to prop up the Euro area economic recovery when it meets this Thursday a move which could boost gold a hedge against the inflationary risk of monetary stimulus.
  • Copper futures fell during noon trade in the domestic market on Tuesday as investors and speculators exited positions in the industrial metal after a sharp fall in China’s exports and imports in the month of February signaled concerns over the economic outlook for the world’s biggest metals consuming nation clouding the demand outlook for copper.
  • Oil prices were lower on Tuesday, pulling back from the prior session’s three-month highs as risk appetite waned after the latest trade figures out of China added to concerns over the health of the world’s second-biggest economy. Exports plunged 25.4% from a year earlier in February, far worse than forecasts for a decline of 12.5% and the worst monthly performance since May 2009, while imports dropped 13.8%, compared to expectations for a fall of 10.0%.

ECONOMY NEWS :

  • Bank of England Governor Mark Carney on Tuesday backed Prime Minister David Cameron’s European Union deal ahead of a June referendum on membership, saying the agreement allowed the central bank to do its job. While Carney said he was not making any recommendation about how to vote in the June 23 referendum, he gave a positive assessment of Cameron’s EU settlement.
  • Japan’s gross domestic product was down an annualized 1.1 percent on year in the fourth quarter of 2015, the Cabinet Office said in Tuesday’s revised reading, following last month’s preliminary reading that suggested a contraction of 1.4 percent. GDP expanded 1.3 percent in the third quarter. On a quarterly basis, GDP dipped 0.3 percent – which also marked an upward revision from 0.4 percent. GDP added 0.3 percent in the three months prior.
  • China’s exports tumbled in February though the massive slide reflected the shift in the timing of Chinese New Year. Exports plummeted 25.4% year-on-year in February, the biggest fall since May 2009, the General Administration of Customs reported today. At the same time, imports also plunged by around 14%. As the decline in exports outpaced the fall in imports, the trade surplus narrowed sharply to $32.6 billion from $63.29 billion in the prior.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1276 TARGET 1281 1287 SL 1270
  • SELL GOLD BELOW 1272 TARGET 1268 1262 SL 1278

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

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.