3May

Comex Trading Signals and Market News – 03 May 2016

INTERNATIONAL COMMODITY NEWS :

  • Gold prices gained 0.09 per cent on Monday as investors noted manufacturing data out of China at the weekend and looked ahead to a private estimate tomorrow. On Tuesday comes the closely-watched Caixin manufacturing PMI for April which last came in at 49.7.Markets in China are shut on Monday for a holiday. China April CFLP manufacturing index came in at 50.1 below expectations.
  • Crude oil prices fell by 0.30 per cent on Monday as rising production in the Middle East outweighed a decline in US output and a recent slide in the dollar which has been supporting crude. The rising output from the Organization of the Petroleum Exporting Countries (OPEC) was outweighing supportive factors such as a decline in US output. Markets in China are shut on Monday for a holiday. China April CFLP manuacturing index came in at 50.1 below expectations.
  • Lead prices fell by 0.37 per cent on Monday due to the surge in the lead stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME lead stocks rose by 75 metric tonnes to 175100 metric tonnes as on May 2 2016.At the MCX Lead futures for the May 2016 contract is trading at Rs 119.70 per kg down by 0.37 per cent after opening at Rs 120.45 against a previous close of Rs 120.15.

ECONOMY NEWS :

  • Bank of Japan Governor Haruhiko Kuroda has a big problem. His radical monetary policy experiment has always been aimed at convincing the public that an end to deflation is near – and right now the public aren’t listening. Concerns that a fresh burst of stimulus would be wasted on households and businesses so far unconvinced by the bank’s foray into negative rates, on top of huge money printing, were among the key factors behind last week’s decision to hold off from further easing, according to sources familiar with BOJ thinking.
  • Asian factories barely grew in April and those in the euro zone did little better despite heavy discounting, setting a sluggish tone on Monday for the global economy in the second quarter. Japanese manufacturing activity shrank last month at the fastest pace in more than three years as major earthquakes disrupted production, while the former bright spot of India sank to a four-month trough and growth in China was all but flat.
  • China’s manufacturing purchasing managers’ index came in at 50.1 in April, the report published by the National Bureau of Statistics and the China Federation of Logistics and Purchasing revealed, official survey results showed  Sunday. A reading above 50 indicates expansion but it was below March’s score of 50.2 and the expected level of 50.3. The non-manufacturing PMI that reflects conditions at services and construction sectors, dropped to 53.5 from 53.8 a month ago.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1302 TGT 1307/1315 SL BELOW 1295
  • SELL GOLD BELOW 1291.50 TGT 1286/1278 SL ABOVE 1299

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