Comex Trading Signals and Market News – 14 June 2016


  • Oil prices edged lower in European trade on Monday, with the U.S. benchmark falling further below the $50-level amid indications of increased domestic drilling activity.Crude oil for July delivery on the New York Mercantile Exchange fell to an intraday low of $48.21 a barrel, the weakest level June 2. It last stood at $48.56 by 07:50GMT, or 3:50AM ET, down 51 cents, or 1.04%.On Friday, New York-traded oil prices sank $1.49, or 2.95%, after data showed the U.S oil rig count rose the second straight week last week, underlining concerns over growing supplies.
  • Gold futures extended last week’s strong gains in European trade on Monday, hitting a fresh four-week high as investors looked ahead to the Federal Reserve’s policy meeting later this week and amid mounting jitters over the upcoming referendum on whether the U.K. would remain in the European Union.The Fed is not expected to take action on interest rates at the conclusion of its two day policy meeting on Wednesday.
  • Copper futures closed lower in the domestic market on Friday as headwinds from a mid-term U.S. rate hike that have boosted the dollar added to pressure from tepid physical demand in top user China. The dollar was bolstered by an unexpected drop in domestic jobless claims last week calming some worries about U.S. economic growth decelerating in the second quarter.


  • U.S. Treasuries are not as safe as investors assume, fund manager Michael Hasenstab said on Monday, as full employment and rising inflation put pressure on central bankers to raise rates.The U.S. Federal Reserve could tighten monetary policy as inflation rises to 3 percent this year and oil prices stabilize, according to Hasenstab, chief investment officer of Templeton Global Macro, who spoke at the Morningstar Inc Investment Conference in Chicago.
  • The California Public Employees’ Retirement System recently bought a stake in a private Indiana toll road with a troubled history, one sign of how popular infrastructure investments have become among U.S. pension funds.In May, CalPERS bought a 10 percent stake of the road’s concession, representing the first U.S. transportation investment for the nation’s largest public pension fund. The Indiana Toll Road had been acquired out of bankruptcy in 2015 for about 50 percent more than its original 2006 price by a fund made up of more than 70 U.S. pension plans.
  • Britain’s status as a trade power has become one of the most contentious issues in the European Union membership referendum on June 23.The uncertain outlook for exporters, and the implications for investment in Britain, are driving much of the nervousness in financial markets where the pound has weakened sharply.


  • BUY GOLD ABOVE 1286.7 TARGET 1291.7 1297.7 SL BELOW 1281.7
  • SELL GOLD BELOW 1282.8 TARGET 1277.8 1271.8 SL ABOVE 1287.8

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