Comex Market

23Dec

Comex Trading Signals and Market News – 23 December 2015

INTERNATIONAL COMMODITY NEWS :

  • Copper prices fell from the prior session’s five-week high on Tuesday, but losses were limited amid speculation Chinese metal producers will scale back production to combat falling prices.Copper for March delivery on the Comex division of the New York Mercantile Exchange shed 1.4 cents, or 0.64%, to trade at $2.126 a pound during morning hours in London.
  • Oil prices regained ground on Tuesday, one day after sinking to multi-year lows on the back of ongoing concerns over a global supply glut.On the ICE Futures Exchange in London, Brent oil for February delivery tacked on 25 cents, or 0.69%, to trade at $36.60 a barrel during European morning hours. A day earlier, prices fell to $36.04, a level not seen since July 2004.
  • Gold inched lower after a sharp two-day rally on Tuesday, as investors looked ahead to key U.S. economic data later in the session for further indications on the strength of the economy.Gold for February delivery on the Comex division of the New York Mercantile Exchange shed $3.30, or 0.31%, to trade at $1,077.30 a troy ounce during European morning hours.

ECONOMY NEWS :

  • The Japanese government is planning nearly $800 billion of record spending in the next fiscal year to shore up a fragile economy, with Tokyo also promising to rein in a bulging debt burden in an expansionary budget set to be unveiled this week.Finance Minister Taro Aso on Tuesday vowed to boost growth and achieve fiscal reform with government budget spending worth 96.7 trillion yen (£535.54 billion) for the next fiscal year that starts in April. This is up a touch from the 96.3 billion yen spending set for the current year’s initial budget.
  • Continued asset sales by India’s most indebted firms should help private equity players notch up a bumper 2016 in Asia’s third-largest economy, with more and larger deals sealing a revival begun with record investments this year. Private equity purchases are set to reach a new high of $10.89 billion this year, surpassing the high water mark set in 2007, according to Thomson Reuters data. In 2014, private equity investments totalled just $6 billion.
  • New European Union rules on bank rescues, aimed at ending spectacular bailouts with public money, are already facing a political backlash on worries they may end up hurting small, unsophisticated investors. The EU’s Bank Recovery and Resolution Directive, due to become fully effective on Jan. 1, makes shareholders,  creditors and even large depositors liable for the losses of a failing bank before any public money is used to save the lender.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1080 TARGET 1085 1091 SL 1075
  • SELL GOLD BELOW 1075 TARGET 1070 1064 SL 1081

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

22Dec

Comex Trading Signals and Market News – 22 December 2015

INTERNATIONAL COMMODITY NEWS :

  • Copper prices rose to a more than one-week high on Monday, amid speculation that Chinese metal producers will scale back production to combat falling prices.Copper for March delivery on the Comex division of the New York Mercantile Exchange inched up 0.3 cents, or 0.16%, to trade at $2.116 a pound during morning hours in London. It earlier rose to $2.121, the highest since December 11.
  • Brent oil sank to the lowest level since July 2004 on Monday, as ongoing jitters over a global supply glut drove down prices.On the ICE Futures Exchange in London, Brent oil for February delivery dropped 44 cents, or 1.21%, to trade at $36.44 a barrel during European morning hours. It earlier fell to $36.05, a level not seen in more than 11 years. London-traded Brent futures slumped 97 cents, or 2.77%, last week, the third consecutive weekly decline. Brent prices are on track to post an annual decline of 36% in 2015, as oversupply concerns dominated market sentiment for most of the year.
  • Gold rose on Monday, adding to Friday’s gains amid skepticism over the Federal Reserve’s ability to raise interest rates as much as it would like next year.Gold for February delivery on the Comex division of the New York Mercantile Exchange tacked on $4.00, or 0.38%, to trade at $1,069.00 a troy ounce during European morning hours. On Friday, gold jumped $15.40, or 1.47%.

ECONOMY NEWS :

  • The Indian government on Monday introduced a bill in parliament aimed at bringing sweeping changes to an outdated and overburdened bankruptcy system, setting deadlines for the first time for processing insolvency cases. At present, Asia’s third-largest economy has competing laws with unclear jurisdictions to deal with the liquidation or revival of companies.
  • Bank of Japan Governor Haruhiko Kuroda said on Monday that recent changes to the central bank’s debt purchase programme gives it the flexibility to expand monetary easing if needed, according to a government official. Kuroda, who spoke at a meeting of cabinet ministers, said the changes to its quantitative easing will allow it to quickly respond to any changes in the economic outlook, according to the government official.
  • Staff at smaller banks in the European Union should not have to defer large chunks of their bonuses over several years, the bloc’s European Banking Authority (EBA) watchdog said on Monday. After the 2007-09 financial crisis, the European Union introduced rules to stop bankers from taking excessive risks to win bigger  bonuses and because state bailouts of failed banks had angered taxpayers.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1075 TARGET 1080 1086 SL 1069
  • SELL GOLD BELOW 1065 TARGET 1060 1054 SL 1071

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

21Dec

Comex Trading Signals and Market News – 21 December 2015

INTERNATIONAL COMMODITY NEWS :

  • Gold bounced on Friday off near six-year lows, erasing severe losses from a massive sell-off from the previous session as investors continued to digest the Federal Reserve’s historic decision to lift interest rates from record-lows earlier in the week. On the Comex division of the New York Mercantile Exchange, gold for February delivery traded in a broad range between $1,050.30 and $1,070.60 an ounce before settling at $1,065.00, up 15.40 or 1.47% on the session. A session earlier, gold futures slid by $25 an ounce in one of their worst sessions of the year, retreating back toward levels not seen since 2009.
  • U.S. crude futures extended losses from the prior two sessions on Friday to slump to fresh seven-year lows, as crashing oil prices showed little signs of stabilizing following a modest increase in domestic oil rigs last week.Energy traders also reacted to news that the U.S. Congress approved a sweeping $1.1 trillion spending bill, which includes the repeal of a four-decade ban on crude exports. The ban had been in place since 1975, when Congress approved the Energy Policy and Conservation Act to boost domestic supply in response to a global oil crisis started that had persisted for two years.
  • Copper prices were up 1.49% to Rs 309.10 per kg in futures trading today as speculators raised their bets, tracking a firm trend overseas.Besides, pick-up in demand from consuming industries supported the upside.At the Multi Commodity Exchange, copper for delivery in February month shot up by Rs 4.55, or 1.49% to Rs 309.10 per kg in business turnover of 12,249 lots. Likewise, the metal for delivery in far-month April contracts traded higher by Rs 4.25, or 1.37% to Rs 313.35 per kg in 265 lots.

ECONOMY NEWS :

  • The Federal Reserve will aim to keep the U.S. economy running hot next year to boost the job market and inflation, a top central banker said, and to achieve that goal interest-rate hikes will be slow but will not follow any predictable pattern.”Every meeting will truly be live in terms of adjusting policy one way or the other,” San Francisco Federal Reserve Bank President John Williams told Reuters in an interview, referring to the Fed’s policy-setting meetings. Fresh forecasts from the Fed suggest most policymakers are looking for four rate hikes next year, and Williams said his own view is in line with that expectation.
  • Germany’s public debt totaled EUR 2.02 trillion at the end of the third quarter, down by EUR 16.5 billion from the same period of last year, Destatis reported Friday. Public debt decreased 0.8 percent in the third quarter from a year ago. The debt of the Federation decreased by 1.2 percent, or EUR 15.1 billion, to EUR 1.26 trillion at the end of September .
  • Euro area current account surplus declined to a seasonally adjusted EUR 20.4 billion in October from EUR 30.1 billion in September, figures from the European Central Bank showed Friday. The surplus on trade in goods fell to EUR 26.8 billion from EUR 30.1 billion in the prior month. Likewise, the surplus on services slid to EUR 4.4 billion from EUR 4.5 billion. Primary income dropped to EUR 3.1 billion from EUR 5.3 billion and the shortfall on secondary income widened to EUR 14 billion from EUR 9.8 billion.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1070 TARGET 1075 1081 SL 1064
  • SELL GOLD BELOW 1060 TARGET 1055 1049 SL 1066

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

18Dec

Comex Trading Signals and Market News – 18 December 2015

INTERNATIONAL COMMODITY NEWS :

  • Copper prices dropped to two-week lows on Thursday, after the Federal Reserve’s first rate hike in almost a decade pushed up the dollar, dampening demand for raw materials.Copper for March delivery on the Comex division of the New York Mercantile Exchange slumped 2.5 cents, or 1.22%, to trade at $2.046 a pound during morning hours in London.
  • Oil prices fell back towards seven-year lows on Thursday, as ongoing jitters over a global supply glut coupled with a broadly stronger U.S. dollar weighed.On the ICE Futures Exchange in London, Brent oil for February delivery dropped 24 cents, or 0.64%, to trade at $37.15 a barrel during European morning hours.A day earlier, London-traded Brent plunged $1.34, or 3.41%, as worries that a global supply glut may stick around for longer than anticipated continued to weigh.
  • Gold fell sharply in Europe on Thursday, as the U.S. dollar surged after the Federal Reserve raised interest rates for the first time in nearly a decade.Gold for February delivery on the Comex division of the New York Mercantile Exchange slumped $11.00, or 1.02%, to trade at $1,065.80 a troy ounce during European morning hours.

ECONOMY NEWS :

  • The world’s central banks are scrambling to assess the risk a slowing China poses to their economies and appear to be no closer than most other observers to working out what is going on in the world’s second largest economy. While the Reserve Bank of Australia and the Bank of Japan have offices in Beijing, the U.S. Federal Reserve and the European Central Bank appear to rely on the same data – that may be flawed – as everyone else.
  • The impact of the U.S. interest rate hike should be minimal in India as the country is relatively well cushioned, Chief Economic Adviser Arvind Subramanian said on Thursday.Policy makers, including Reserve Bank of India Governor Raghuram Rajan, have been touting India as being more insulated to Fed-related volatility than other emerging markets due to its better economic fundamentals.
  • The European Union is seeking a fair deal that will provide a way out of a complicated questions over the future of Britain’s membership in the bloc, European Commission chief Jean-Claude Juncker said on Thursday.”We want a fair deal with Britain and this fair deal has to be a fair deal with other countries,” Juncker told a briefing in Brussels.”We’ll enter the concrete and vital phase of negotiations with our British colleagues. The Commission is ready to look for other options than the single one proposed by the British prime minister and I’m quite convinced that we will find a solution to that highly complicated question.”

TRADING STRATEGY :

  • BUY GOLD ABOVE 1070 TARGET 1075 1081 SL 1064
  • SELL GOLD BELOW 1060 TARGET 1055 1049 SL 1066

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

16Dec

Comex Trading Signals and Market News – 16 December 2015

INTERNATIONAL COMMODITY NEWS :

  • Gold struggled near one-week lows on Tuesday, ahead of a widely anticipated U.S. rate hike by the Federal Reserve.The Fed is expected to raise interest rates for the first time in nearly a decade at the conclusion of its two day policy meeting at 2:00PM ET on Wednesday. The central bank will also release its latest forecasts for economic growth and interest rates.
  • Oil prices resumed their decline on Tuesday, one day after bouncing off seven-year lows, as worries that a global supply glut may stick around for longer than anticipated continued to weigh.Oil futures have fallen almost 15% since December 4, when the Organization of the Petroleum Exporting Countries failed to agree on output targets to reduce a glut of oversupply on global energy markets.
  • Copper futures were up 0.16% at Rs 319.25 per kg today as speculators enlarged bets, largely in step with a firming trend in base metals at the London Metal Exchange (LME).At Multi Commodity Exchange, copper for delivery in February next year rose 50 paise, or 0.16%, at Rs 319.25 per kg, in a turnover of 4,681 lots.

ECONOMY NEWS :

  • Japanese firms’ inflation expectations fell from three months ago as slumping oil costs weighed on underlying price growth, a Bank of Japan survey showed on Tuesday, adding to doubts on the effectiveness of the central bank’s massive stimulus programme.The outcome may heighten market expectation of near-term monetary easing since BOJ Governor Haruhiko Kuroda has said the bank won’t hesitate to act if sliding inflation and overseas headwinds discourage firms from raising prices, analysts said.
  • Janet Yellen is guiding the Federal Reserve towards its first rate rise in a decade armed with traditional economic models that some economists worry could fail her in a world of massive money printing and near zero rates. The 69-year-old economist argues the time is coming for a rate-lift-off even though inflation has yet to accelerate, trusting decades of studies that suggest a tight labour market eventually creates inflationary pressures.
  • China’s central bank is on guard against a sudden attack on the yuan in offshore markets, and is ready to intervene if the gap between offshore and onshore exchange rates becomes destabilizing, sources involved in policy discussions say. Though the People’s Bank of China (PBOC) wants to avoid a sharp depreciation in the currency, it is comfortable with further weakening of the yuan against the dollar, policy insiders said, especially as the U.S. Federal Reserve is expected to raise interest rates on Wednesday for the first time since 2006.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1070 TARGET 1075 1081 SL 1064
  • SELL GOLD BELOW 1062 TARGET 1053 1047 SL 1067

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

15Dec

Comex Trading Signals and Market News – 15 December 2015

INTERNATIONAL COMMODITY NEWS :

  • Gold traded narrowly higher in Asia on Tuesday with investors largely on the sidelines ahead of this week’s Federal Reserve meeting widely expected to hike interest rates.On the Comex division of the New York Mercantile Exchange, gold for February delivery inched 0.08% up to $1,064.20 a troy ounce.Crude oil prices in Asia on Tuesday failed to hold gains from the U.S. as investors continued to monitor massive over supply.
  • On the New York Mercantile Exchange, WTI crude for January delivery fell 0.185% to $36.25 a barrel. Ahead on Tuesday, the American Petroleum Institute will release estimates ofU.S. crude and refined product stockpiles held last week. That will be followed Wednesday by more closely-watched figures from the U.S. Department of Energy.
  • The once-deep discount for benchmark U.S. crude oil prices versus global rates is about to disappear for the first time since the rise of the shale oil boom, a sudden reversal that highlights the market’s ongoing flux. On Monday, U.S. West Texas Intermediate for delivery in March settled just 6 cents below global Brent crude for the same month, the narrowest gap since 2010. It was trading at more than $1 a barrel two days ago.

ECONOMY NEWS :

  • Germany will lay out a climate action plan for 2050 by the middle of next year and is talking to industry groups and trade unions about ways to end coal-fired power generation, its Environment Minister said on Monday. Global leaders clinched a breakthrough deal in Paris on Saturday to transform the world’s fossil fuel-driven economy within decades in a bid to arrest global warming.
  • The wave of refugees flooding into Austria could bolster the country’s economic growth if Vienna continues to work on integrating them quickly, the International Monetary Fund (IMF) said on Monday.Hundreds of thousands of migrants, many of them fleeing war and poverty in the Middle East, Afghanistan and elsewhere, have reached Austria since early September, most continuing on into neighboring Germany.
  • The sell off in the bellwether high risk corporate debt market is spreading fears that the U.S. economy is on less sound footing than investors thought.On Monday, the widely-traded iShares iBoxx $ High Yield Corporate Bond ETF – essentially a basket of junk debt -expanded its losses for the year to 12 percent. A competitor product, the SPDR Barclays (L:BARC) High Yield Bond ETF, expanded its losses for the year to 13.4 percent.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1070 TARGET 1075 1082 SL 1065
  • SELL GOLD BELOW 1063 TARGET 1058 1052 SL 1068

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

14Dec

Comex Trading Signals and Market News – 14 December 2015

INTERNATIONAL COMMODITY NEWS :

  • Gold prices slipped lower in European morning hours on Friday, as expectations for a U.S. rate hike next week continued to support demand for the greenback and to weigh on demand for the precious metal. On the Comex division of the New York Mercantile Exchange, gold futures for February delivery were down 0.20% at $1,069.90.
  • Taking weak cues from overseas markets, silver prices fell by Rs 114 to Rs 34,518 per kg in futures trade today, as participants trimmed positions.In futures trading at the Multi Commodity Exchange, silver for delivery in far-month May next year shed Rs 114 or 0.33% to Rs 34,518 per kg in a business turnover of 7 lots.
  • US crude prices remained near 2009 lows in early Asian trading on Friday as oil output in the Middle East continued to rise despite an existing global glut.US crude futures were at $36.67 per barrel at 0029 GMT, down 9 cents from their last settlement, and only slightly above 2009 lows of $36.38 reached on Thursday.

ECONOMY NEWS :

  • Greek Prime Minister Alexis Tsipras’ governing majority is looking fragile as crunch time approaches for a pension reform that will test his resolve to impose painful measures to satisfy Athens’ international creditors. The coalition of Tsipras’ leftist Syriza party and the right-wing nationalist Independent Greeks has a majority of just three seats in parliament, and pro-European opposition parties that voted for Greece’s latest bailout are publicly refusing him any help on the toxic pension issue.
  • The Reserve Bank of India did not accept all the bids at its 150-billion-rupee ($2.24 billion) government bond sale on Friday, including for the benchmark 10-year debt, marking the second week in a row when it has rejected some of the bids.The RBI accepted only 49.4 billion rupees worth of bids for its 70-billion-rupee sale of 2025 bonds IN077225G=CC , and accepted only 22.9 billion rupees of the 30 billion rupees worth of 2034 bonds being sold. The remaining three bonds were fully allocated.
  • The European Central Bank’s policy measures, including its recently extended asset-purchase programme,are delivering “tangible results” and will bring inflation back to the bank’s target, the ECB’s chief economist said on Friday.”This complex package of policy measures has led to a significant easing in borrowing rates for the broad economy and should thereby continue to contribute to… the return of inflation rates in the medium term to levels closer to 2 percent,” Peter Praet said.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1075 TARGET 1080 1086 SL 1069
  • SELL GOLD BELOW 1070 TARGET 1065 1059 SL 1076

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

11Dec

Comex Trading Signals and Market News – 11 December 2015

INTERNATIONAL COMMODITY NEWS :

  • Copper prices rose on Thursday, after mining giant Glencore (L:GLEN) announced wider spending cuts as the commodities group races to cut debt and shore up its balance sheet.The Swiss-based company cut its capital expenditure for 2016 to $3.8 billion, from an earlier estimate of $5 billion.Glencore said last month it will cut 55,000 metric tons of copper output by the end of 2017, the latest in a string of supply cuts.
  • Oil prices inched up on Thursday, but held near seven-year lows amid uncertainty about how quickly the global glut of crude is set to shrink.Oil futures are down more than 10% since the Organization of the Petroleum Exporting Countries failed to agree on output targets last week. As a result, crude prices are expected to remain stubbornly low amid a glut of oversupply on global energy markets.
  • Gold futures edged lower on Thursday, but still stuck in familiar trading range, as market players braced for the first U.S. rate hike since 2006 next week.The dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.2% to 97.53. Dollar-priced commodities become more expensive to investors holding other currencies when the greenback gains.

ECONOMY NEWS :

  • India’s cabinet has cleared a $14.7 billion Japanese proposal to build the country’s first bullet train line, a government minister and an official said on Thursday, one of the biggest foreign investments in Indian infrastructure. The decision ahead of Japanese Prime Minister Shinzo Abe’s visit beginning on Friday gives Tokyo an early lead over China, which is also bidding to construct high-speed train lines along large parts of India’s largely British-era rail system.
  • The Reserve Bank of India (RBI) said it would intervene in the rupee currency futures market, if required, to manage excessive volatility, ahead of next week’s FOMC meeting. The RBI very often intervenes in the forex market in order to maintain orderly conditions in the market. The central bank said the data for the exchange-traded currency derivatives market would be published in monthly bulletins. The disclosure is the first such by RBI.
  • A great majority of European Central Bank governors do not want to boost quantitative easing further, Yves Mersch said, adding that its move to buy new bonds as old ones mature would inject hundreds of billions of euros. “The very large majority of the Governing Council is of the view that the measures are appropriate and that more is not needed to reach our goal,” Mersch told a journalists’ club dinner on Wednesday, referring to the group that sets policy to keep inflation ticking upwards.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1075 TARGET 1080 1086 SL 1069
  • SELL GOLD BELOW 1070 TARGET 1065 1059 SL 1076

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

10Dec

Comex Trading Signals and Market News – 10 December 2015

INTERNATIONAL COMMODITY NEWS :

  • Copper prices inched up on Wednesday, after data showed that Chinese consumer price inflation rose last month, indicating that Beijing’s effort to bolster growth in the world’s second-largest economy may be starting to take effect. The National Bureau of Statistics reported that China’s consumer price index rose 1.5% in November from a year earlier, slightly better than economists’ forecast for an increase of 1.4% after a 1.3% rise in October.
  • Gold edged higher on Wednesday, aided by weakness in the U.S. dollar, but the metal’s upside remained limited as market players prepared for a U.S. rate hike this month.The dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.15% to 98.27. Dollar-priced commodities become cheaper to investors holding other currencies when the greenback declines.
  • West Texas Intermediate oil futures rebounded on Wednesday, amid speculation weekly supply data due later in the session will show U.S. crude inventories fell for the first time in 11 weeks.The U.S. Energy Information Administration will release its weekly report on oil supplies at 10:30AM ET Wednesday. The data was expected to show that crude inventories rose by 252,000 barrels last week

ECONOMY NEWS :

  • The emerging economies are facing their fifth consecutive year of slow growth, theWorld Bank noted in a latest update. In a new policy research note ‘Slowdown in Emerging Markets: Rough Patch or Prolonged Weakness?’, the World Bank said Since 2010, emerging market growth has been buffeted by global headwinds such as weak international trade,slowing capital flows, and slumping commodity prices, external challenges which have compounded domestic problems including blunted productivity and bouts of politicaluncertainty.
  • Bank of England policymakers differed last month on how soon they might increase the amount of capital banks must hold against economic downturns, the central bank said on Wednesday.Last week the central bank said British banks had nearly completed the job of building up their capital defences, and stopped short of any immediate action to curb lending to consumers or small-scale property investors.
  • Markets failed to assess properly the signals the European Central Bank was sending last week, Governing Council member Ewald Nowotny said on Wednesday, adding that analysts rather than the ECB were to blame for any misunderstanding. The ECB eased monetary policy further last week to fight stubbornly low inflation but kept some of its powder dry, disappointing high market expectations of greater stimulus

TRADING STRATEGY :

  • BUY GOLD ABOVE 1080 TARGET 1085 1091 SL 1074
  • SELL GOLD BELOW 1075 TARGET 1070 1064 SL 1081

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

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