Comex Trading Signals and Market News – 28 March 2016


  • Copper prices fell by 0.09 per cent on Wednesday after US home resales fell sharply in February in a potentially troubling sign for America’s economy signaling a weak housing market in US world’s largest economy which reduced the demand outlook for the metal.At the MCX copper futures for April 2016 contract were trading at Rs.338.85 per 1 kg down by 0.09 per cent after opening at Rs. 338.50 against the previous closing price of Rs. 339.15.
  • Crude oil prices drifted lower in light trade on Friday in Asia with many markets shut globally to mark Good Friday. On the New York Mercantile Exchange, WTI crude for May delivery was last quoted at $39.59 a barrel. Data on U.S. rig counts from Baker Hughes normally released on Friday is unlikely with the U.S. on a public holiday.
  • U.S. natural gas futures turned higher in North American trade on Thursday, reversing losses after data showed U.S. natural gas supplies in storage rose less than expected last week.Natural gas for delivery in April on the New York Mercantile Exchange tacked on 0.6 cents, or 0.33%, to trade at $1.800 per million British thermal units by 4:35GMT, or 10:35AM ET.


  • Japan’s consumer inflation was flat in the year to February as low energy costs and weak consumption put a lid on price growth, government data showed on Friday, keeping the central bank under pressure to top up stimulus although it eased policy less than two months ago.A separate BOJ index calculated by the central bank to strip out the effects of energy and fresh food prices showed consumer inflation at 1.1 percent in the year to February, unchanged from January.
  • Municipal authorities in Shanghai tightened mortgage down payment requirements for second home purchases on Friday, in a move to cool an overheating property market and reduce fears of a bubble.Senior Chinese leaders raised concerns about the country’s overheated housing market during an annual parliament meeting this month, and Shanghai is the biggest city to take action in the wake of the National People’s Congress, which ended a week ago.
  • China’s yuan will come under renewed downward pressure if the U.S. dollar rises significantly in coming months, a policy adviser to the People’s Bank of China said on Friday.Huang Yiping, a professor at Peking University and a  member of the central bank’s monetary policy committee, also said the central bank was managing the yuan against a basket of currencies including the dollar, not again the dollar alone, reaffirming the official stance.


  • BUY GOLD ABOVE 1226 TARGET 1231 1240 SL 1220
  • SELL GOLD BELOW 1215 TARGET 1210 1200 SL 1222

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