13May

Comex Trading Signals and Market News – 13 May 2016

INTERNATIONAL COMMODITY NEWS :

  • Oil prices rose toward six-month highs on Thursday, supported by data from the International Energy Agency (IEA) showing tightening supply in addition to a surprise drop in U.S. crude inventories.Brent crude futures (LCOc1) were trading at $47.92 per barrel at 0944 GMT, up 32 cents from their last settlement and near a six-month high of $48.50 hit at the end of April.
  • Global gold demand at the start of 2016 rose at its fastest pace ever on inflows from exchange traded funds (ETFs), according to an industry report released on Thursday.Gold demand increased by 21% year-on-year to 1,290 tons in the first quarter, according to the World Gold Council report..That was the fastest pace ever for the first three months of the year and the second largest quarter on record.
  • Amid pick-up in demand from alloy-makers at domestic spot markets and a firming trend in base metals overseas, nickel prices edged higher 0.56% to Rs 593.70 per kg in futures trade today as speculators raised their bets. At the Multi Commodity Exchange, nickel for delivery in current month was trading higher by Rs 3.30, or 0.56%, to Rs 593.70 per kg in a business turnover of 660 lots.

ECONOMY NEWS :

  • The Bank of England stepped up its warnings about the economic risks if Britain votes to leave the European Union, saying on Thursday that sterling could fall sharply and unemployment would probably rise.The central bank’s interest rate setters — who voted unanimously to keep rates on hold — said that in the event of a vote for so-called Brexit on June 23, households and companies were likely to hold off spending and investment.
  • The head of the European Commission said on Thursday it would be a catastrophe if Britain voted to leave the European Union, but he did not expect that to happen.Commission President Jean-Claude Juncker, speaking at a conference on Europe at the German Foreign Ministry, said it was up to Britan to decide whether to exit the bloc in a June 23 referendum, and the decision would have far-reaching consequences for Britain and Europe.
  • Indian economy is slowly gaining momentum and & is projected to grow by 7.3% this year, a United Nations report stated today. The World Economic Situation and Prospect report, in its mid-2016 update, has said India is expected to achieve a 7.5% GDP growth in 2017 and the economic prospects of the South Asian region will be contingent on the growth trajectory of India and Iran.Despite some delays in domestic policy reforms and enduring fragilities in the banking system, investment demand is supported by the monetary easing cycle, rising FDI, and government efforts towards infrastructure investments and public-private partnerships, noted the UN.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1273.2 TARGET 1278.2 1284.2 SL 1268.2
  • SELL GOLD BELOW 1265.8 TARGET 1260.8 1254.8 SL 1270.8

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