8Jul

Comex Trading Signals and Market News – 08 July 2016

INTERNATIONAL COMMODITY NEWS :

  • Copper futures were trading higher during the morning trade in the domestic market on Thursday led by rise in demand in the domestic markets tracking a weak trend in overseas markets.Analysts said that the weak cues at global markets and rise in demand at domestic spot markets followed by the release of the US Fed meeting minutes which showed that the majority of Fed members were cautious to adjust rates following poor US labour data and Brexit vote influenced the rise in copper futures.
  • Oil prices edged higher on Thursday for a second day, supported by a report of another fall in U.S. crude oil inventories and a weaker U.S. dollar, although a glut of refined products and economic growth concerns continued to loom over the market. Brent crude oil futures were trading at $49.50 per barrel at 0857 GMT on Thursday, 70 cents above their last settlement. U.S. West Texas Intermediate (WTI) crude was trading at $48.08 per barrel, up 65 cents from its last close.
  • Gold prices held near the prior session’s 28-month high in European trade on Thursday, as market players looked ahead to key U.S. employment data for more clues on the Federal Reserve’s next move.The U.S. was to release the ADP jobs report for June at 12:15GMT, or 8:15AM ET, followed byweekly jobless claims data at 12:30GMT, or 8:30AM ET. Market players are also focusing on Friday’s U.S. nonfarm payrolls report.

ECONOMY NEWS :

  • China’s urban unemployment rate at the end of June was 4.05 percent, a vice minister of the human resources ministry said on Friday, up marginally from 4.04 percent at the end of the first quarter.China created 7.17 million new urban jobs in the first half of 2016, vice minister Xin Changxing said at a press briefing.
  • Japan’s top currency diplomat, Masatsugu Asakawa, said on Friday he was watching the foreign exchange market with a sense of urgency, including how U.S. jobs data later in the day could affect it.Speaking to reporters after a meeting between officials of the Finance Ministry, Bank of Japan, and the Financial Services Agency to discuss market developments, Asakawa also said the government was ready to respond to any speculative moves.
  • U.S. state and local spending on prisons and jails grew at three times the rate of spending on schools over the last 33 years as the number of Americans behind bars ballooned under a spate of harsh sentencing laws, a government report released Thursday said.U.S. Secretary of Education John King said the report’s stark numbers should make state and local governments reevaluate their spending priorities and channel more money toward education.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1370 TARGET 1375 1381 SL BELOW 1365
  • SELL GOLD BELOW 1360 TARGET 1355 1349 SL ABOVE 1365

For more information about Commodity market trading or Comex Signals, please visit EPIC RESEARCH PTE LTD.

Share this Story

About epicsingapore

Leave a Reply

Your email address will not be published. Required fields are marked *

*

© Copyright 2013, All Rights Reserved, Epic Research Pvt. Ltd.