Comex Trading Signals and Market News – 11 March 2016


  • Oil prices slid on Thursday after U.S. crude hit 2016 highs the day before and Brent shot back over $40 per barrel. But analysts warned that larger gains would be unlikely as a global glut continues to outweigh strong demand. Prices rose as much as 5% on Wednesday, as a big gasoline inventory drawdown overshadowed record-high crude stockpiles. But analysts warned that a global crude production overhang of over 1 million barrels per day showed few signs of abating.
  • Copper futures prices slipped by 0.63 per cent on Thursday at the Multi Commodity Exchange (MCX) as participants trimmed their bets as rise in Chinese consumer inflation dented hopes of further monetary policy easing in the economy of the world’s biggest metals consuming nation clouding demand prospects.
  • Silver futures fell during noon trade in the domestic market on Thursday tracking weakness in the precious metal internationally as a rally in most Asian equities and higher oil prices eroded investment appeal while a stronger dollar curbed the lure for Silver as an alternative asset.Stronger greenback makes silver more expensive for those holding other currencies thus dimming demand.


  • Mexico’s central bank is pleased with the results of its surprise interest rate hike and new currency intervention policy and is prepared to act again “if necessary,” central bank Governor Agustin Carstens said on Thursday. Speaking at an annual banking conference in Acapulco, Carstens said the bank carefully thought through its bevy of actions on Feb. 17, when the Finance Ministry also announced budget cuts.
  • Japanese Finance Minister Taro Aso said on Friday he hoped the Bank of Japan would continue its efforts to achieve its 2 percent price target, while suggesting that specific monetary policy steps were up to the central bank to decide. The adoption of negative interest rates by the BOJ is already having an impact such as bringing down housing loan rates, Aso told reporters after a cabinet meeting.
  • U.S.-based stock funds attracted $4.6 billion in new cash during the week ended March 9, Lipper data showed on Thursday, breaking a nine-week streak of outflows.Taxable bond funds in the United States attracted $5.8 billion in new cash during the same weekly period, their seventh straight week adding new cash, the Lipper data showed.


  • BUY GOLD APR ABOVE 1263 TARGET 1268 1274 SL 1258
  • SELL GOLD APR BELOW 1254 TARGET 1249 1243 SL 1259

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