Comex Trading Signals and Market News – 23 March 2016


  • Natural Gas futures plunged by more than 3 per cent in the domestic market on Monday as investors and speculators exited positions in the energy commodity tracking weakness in the fuel overseas as forecasts for late winter cold across the eastern parts of the US failed to live up to expectations dimming the demand for gas-fired heating at offices and homes.
  • Copper prices fell by 0.27 per cent on Tuesday as speculators cut down their bets after select base metals weakened in global markets.Market analysts said most base metals retreated at the London Metal Exchange (LME) as the prospect of acceleration in US rate hikes supported the dollar dampening demand for metals and other commodities put weighed on copper futures.
  • Gold prices rose by 0.16 per cent on Tuesday as markets weighed fresh comments from Fed policymakers on the track for rate hikes in 2016. Atlanta Fed President Dennis Lockhart said that despite risks to the downside that have arisen since the beginning of the year the US economy continues to grow about as he expected. Gold futures for April 2016 contract at MCX were trading at Rs. 28987 per 10 grams up by 0.16 per cent after opening at Rs. 28961 against the previous closing price of Rs. 28941.


  • China is studying a Tobin tax as a possible policy tool to curb capital outflows, an official at the country’s foreign exchange regulator said on Tuesday, even though he added that such flows have eased in recent months.Wang Yungui, head of the policy and regulation department at China’s State Administration of Foreign Exchange (SAFE), did not mention a time frame or other details about when such a tax might be rolled out in the world’s second largest economy.
  • Japan’s lower house of parliament gave its approval on Tuesday for academic and reflationist Makoto Sakurai to join the Bank of Japan’s divided policy board, a move seen as tipping the balance more in favor of Governor Haruhiko Kuroda’s push for radical stimulus.Sakurai, a think tank executive, would replace Sayuri Shirai, a former International Monetary Fund economist who voted against the BOJ’s decision in January to adopt negative interest rates. Shirai’s five-year term ends on March 31.
  • The growth outlook for ASEAN economies is likely to be mixed in the next two years, with domestically focused economies such as Indonesia and the Philippines on relatively better footing than their more trade-reliant neighbors, Moody’s Investor Service said on Tuesday.The cautious view from the ratings agency is a warning sign for global policymakers who are relying on emerging economies, particularly in Asia, to drive global growth in the coming years.


  • BUY GOLD ABOVE 1255 TARGET 1275 1305 SL 1225
  • SELL GOLD BELOW 1240 TARGET 1220 1190 SL 1270

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