Comex Market

26Nov

Comex Trading Signals and Market News – 26 November 2015

INTERNATIONAL COMMODITY NEWS :

  • Copper prices inched lower on Wednesday, as traders booked profits from the previous session’s sharp rally, which came on the back of a weaker dollar.Copper for March delivery on the Comex division of the New York Mercantile Exchange dipped 0.6 cents, or 0.28%, to trade at $2.063 a pound during morning hours in London.
  • Gold extended gains from the prior session on Wednesday, as mounting geopolitical concerns between Russia and NATO member Turkey boosted safe haven demand for the precious metal.Gold for December delivery on the Comex division of the New York Mercantile Exchange tacked on $1.40, or 0.13%, to trade at $1,075.20 a troy ounce during European morning hours.
  • US crude oil futures dipped on Wednesday on profit-taking after the prices rallied to a two-week high on the previous session due to heightening geopolitical tensions in the Middle East with Turkey’s downing of a Russian warplane.US crude’s West Texas Intermediate (WTI) futures shed 16 cents or 0.37% at $42.71 a barrel as of 0054GMT.

ECONOMY NEWS :

  • Japan leading index which measures the future economic activity, fell to 101.6 in September, which was revised up from the preliminary estimate of 101.4, latest figures from the Cabinet Office showed Wednesday. In August, the reading was 103.5. The latest reading was the lowest since January 2013, when it marked 101.4. The coincident index that reflects the current economic activity, rose marginally to 112.3 in September from 112.2 in the prior month .
  • European stocks moved higher and oil prices reversed course and fell 1 percent on Wednesday as investors’ concerns eased over the potential fallout of Turkey’s shooting down of a Russian fighter jet. A Reuters report that euro zone central bank officials are considering whether to stagger charges on banks hoarding cash or to buy more debt ahead of the next European Central Bank meeting pushed the euro lower.
  • The idea of setting a relatively low rate for a new Indian sales tax seemed to be gaining traction on Wednesday, as politicians of all stripes met to debate what would be the country’s biggest tax reform since independence.The proposed goods and services tax, or GST, will top the order of business at what is expected to be a rowdy winter session of parliament starting on Thursday.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1075 TARGET 1080 1086 SL 1069
  • SELL GOLD BELOW 1065 TARGET 1060 1155 SL 1071

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

25Nov

Comex Trading Signals and Market News – 25 November 2015

INTERNATIONAL COMMODITY NEWS :

  • Crude palm oil futures were up by 0.75% to Rs 389.10 per 10 kg in futures trade today as speculators created fresh positions amid a firming trend at the spot markets on rising demand from consuming industries.Besides, tight supplies from major producing belts too supported crude palm oil futures.
  • Copper prices inched up on Tuesday, but remained not far above the prior session’s six-year low as expectations of higher interest rates in the U.S., a broadly stronger U.S. dollar and slower global economic growth, especially in China, weighed. Meanwhile, three-month copper on the London Metal Exchange rose 0.87% to $4504.75 a metric ton. On Monday, prices hit $4508.50, the weakest level since June 2009.
  • Gold inched up on Tuesday, but remained not far above the prior session’s five-and-a-half-year low as investors awaited the release of revised U.S. third quarter economic growth data later in the day for a fresh reading on the strength of the economy. Gold futures are down more than 6% so far this month amid mounting expectations the Fed will raise rates for the first time in nearly a decade at its mid-December meeting.

ECONOMY NEWS :

  • India’s leading index, which measures the future economic activity, rose 1.2 percent in October, reversing a 0.6 percent fall in the previous month, figures from the Conference Board showed Monday. In September, the index had fallen 0.3 percent. All sub-components contributed positively to the index in October. The coincident index that reflects the current economic activity, also went up 1.5 percent in October, in contrast to a 1.8 percent drop in September.
  • Japan’s Markit/Nikkei Manufacturing Purchasing Managers’ Index, or PMI, rose to 52.8 in November from 52.4 in October, data showed Tuesday. A score above 50 indicates expansion in the sector. Manufacturing output continued to grow sharply in November and the latest rate of increase was the fastest since March 2014. At the same time, new orders rose at a slower rate in November, while growth in exports orders accelerated to a five-month high.
  • German business confidence strengthened to 109 in November from 108.2 in October, citing results of a survey by the Ifo Institute. It was expected to remain unchanged at 108.2. The current conditions index came in at 113.4. The expectations index also strengthened in November. The corresponding index rose to 104.7 from about 103.8 in previous month. It was above the expected reading of 104.

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 SINGAPORE.

24Nov

Comex Trading Signals and Market News – 24 November 2015

INTERNATIONAL COMMODITY NEWS :

  • Gold and silver struggled near five-and-a-half-year lows on Monday, as investors braced for a hike in interest rates by the Federal Reserve next month.Gold for December delivery on the Comex division of the New York Mercantile Exchange shed $4.40, or 0.41%, to trade at $1,071.90 a troy ounce during European morning hours.
  • Copper prices fell to the lowest level since May 2009 on Monday, as the possibility of higher interest rates in the U.S., a broadly stronger U.S. dollar and slower global economic growth, especially in China, weighed. Copper for December delivery on the Comex division of the New York Mercantile Exchange shed 3.7 cents, or 1.82%, to trade at $2.017 a pound during morning hours in London.
  • Crude futures plunged on Monday, with U.S. oil dropping more than 3 percent on a firmer U.S. dollar and festering worries over a global supply surplus.The fall was part of a wider decline in commodities that has also been stoked by worries over faltering demand from China, with prices for base metals such as copper and nickel tumbling.

ECONOMY NEWS :

  • Austria’s Finance Minister Hans Joerg Schelling said on Monday he expected the country’s 2016 budget to meet European Commission’s criteria on deficits as some of costs for dealing with migrants would be taken out of the calculations.Earlier this month, the European Commission said Austria, as well as Italy, Lithuania and Spain, risked breaking European Union rules with their budget plans.
  • India will sell shares in some state-run companies when market conditions improve, Finance Minister Arun Jaitley said on Monday, as the government struggles to meet its asset sales target that is crucial to help plug its  deficit.India has raised just about $2 billion, or less than 20 percent of its divestment target, so far this year. Jaitley also said he expected recent steps taken by the government and the central bank to improve asset quality of state-run banks in a “reasonable” time. Indian banks have been burdened with their highest bad loan ratio in a decade.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1075 TARGET 1081 1087 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 SINGAPORE.

23Nov

Comex Trading Signals and Market News – 23 November 2015

INTERNATIONAL COMMODITY NEWS :

  • Gold prices regained some ground in European morning hours on Friday, but remained within close distance of a five-and-a-half year low as expectations for a December rate hike in the U.S. continued to lend broad support to the greenback.On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up 0.23% at $1,080.40.
  • Natural gas futures tanked near three year lows yet again today as record higher inventories and thin demand expectations weighed on the sentiments. Natural gas storage levels reached around 4 trillion cubic feet last week, the US Energy Information Administration said yesterday. The EIA data showed that US producers added 15 billion cubic feet of natural gas to storage in the week ended November 13, 2015.
  • Oil futures gave up early gains to trade near three-month lows on Friday on a persistent supply glut that has cut prices by up to 13 percent since the start of November.U.S. crude West Texas Intermediate (WTI) dipped 11 cents to $40.43 a barrel as of 0731 GMT, after edging up in earlier trades. It ended down 21 cents at $40.54 on Thursday, after dipping to $39.89 during the previous session, its lowest since Aug. 27.

ECONOMY NEWS :

  • UK public sector net borrowing, excluding public sector banks, climbed to GBP 8.2 billion in October from GBP 7.1 billion in the same month last year, figures from the Office for National Statistics showed Friday. It was expected to narrow to GBP 6.0 billion. For the April to October period, borrowing totaled GBP 54.3 billion versus GBP 60.9 billion a year earlier.
  • Germany’s producer prices decreased 2.3 percent in October from last year, the biggest fall since February 2010, when prices declined 3 percent, data published by Destatis showed Friday. Producer prices have been falling since August 2013. Month-on-month, producer prices slid 0.4 percent in October, the same rate of fall as seen in September. Prices were expected to drop 0.2 percent.
  • India’s mines ministry has written to the finance ministry to propose scrapping a 5 percent export duty on iron ore pellets, Mines Secretary Balvinder Kumar told Reuters, adding the government could also look at abolishing duty on low-grade iron ore.He said miners in Goa have written to him seeking the cancellation of the 10 percent duty on overseas shipments of iron ore from the state. Goa is known for low-grade ore used mainly by Chinese steel mills.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1080 TARGET 1085 1091 SL 1074
  • SELL GOLD BELOW 1070 TARGET 1065 1059 SL 1076

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

20Nov

Comex Trading Signals and Market News – 20 November 2015

INTERNATIONAL COMMODITY NEWS :

  • Gold prices rose slightly on Thursday but held near six-year lows as investors braced for a hike in interest rates by the Federal Reserve next month.Gold for December delivery on the Comex division of the New York Mercantile Exchange tacked on $6.10, or 0.56%, to trade at $1,074.80 a troy ounce during European morning hours.
  • Copper prices fell to the lowest level since May 2009 on Thursday, as investors continued to cut holdings of the red metal amid bearish chart signals.Copper for December delivery on the Comex division of the New York Mercantile Exchange shed 0.1 cents, or 0.03%, to trade at $2.077 a pound during morning hours in London.
  • U.S. crude oil prices edged up in early trading in Asia on Thursday but are struggling to break away from the $40 per barrel mark as oversupply and high inventory levels ensure an ongoing glut.U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $40.88 per barrel at 0031 GMT, up 13 cents from their last settlement.

ECONOMY NEWS :

  • The Chinese business environment remains uncertain, according to executives atChina’s largest firms. Confidence pulled back in November after surging in the monthbefore as a fall in demand outweighed the positives from cheaper credit and a reported improvement in companies’ financial positions
  • Japan’s all industry activity fell a seasonally adjusted 0.2 percent month-over-month in September, following a 0.1 percent drop in August, figures from the Ministry of Economy, Trade and Industry showed Thursday. It was expected to rise by 0.2 percent. The index measuring construction activity dipped 1.8 percent over the month and tertiary activity index slid by 0.4 percent.
  • U.S. and UK banks charge on average more than 7 percent for international money transfers worth $1000 (654 pounds), several times the average cost at a new group of web providers, the first detailed study of the market showed on Thursday.The report by FXCompared.com begins a regular monthly index measuring the effective cost of shifting money through both banks and the money transfer companies that have begun to put pressure on a business previously regarded as a big cash cow for lenders.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1075 TARGET 1080 186 SL 1070
  • SELL GOLD BELOW 1065 TARGET 1060 1054 SL 1071

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

17Nov

Comex Trading Signals and Market News – 17 November 2015

INTERNATIONAL COMMODITY NEWS :

  • Gold prices rallied sharply on Monday, as markets reopened following a series of suicide bombings and shootings in Paris on Friday night that left more than 130 people dead.The attacks led France to launch air strikes in Syria against the Islamic State (ISIS), which claimed responsibility for the attacks.
  • Oil prices pushed higher on Monday, as France launched air strikes in Syriaagainst the Islamic State (ISIS) following a series of coordinated attacks in Paris on Friday that killed more than 130 people.Later Monday, political leaders were expected to discuss ways to escalate the war against terrorism and deal with the migration crisis at the annual summit of the Group of 20 nations (G20) in Turkey.
  • Copper prices fell to the lowest level since July 2009 on Monday, as appetite for riskier assets took a hit following the weekend attacks in Paris that left 132 dead. Copper for December delivery on the Comex division of the New York Mercantile Exchange shed 2.0 cents, or 0.93%, to trade at $2.148 a pound during morning hours in London.

ECONOMY NEWS :

  • Japan entered a recession in the third quarter largely due to weak corporate investment. Gross domestic product contracted by an annualized 0.8% in the third quarter, data published by the Cabinet Office revealed today means economy face recession which is defined as two consecutive quarters of contraction in GDP.
  • India’s economic growth was expected to exceed 7.3 percent in the current fiscal year and go higher still in the next one, the country’s finance minister said on Monday.”(The) Indian economy is expected to grow better than 7.3 percent – the level achieved last fiscal year – and at an even higher level next year,” Arun Jaitley told an investment forum in Dubai.
  • UK construction output declined 0.2 percent from August, when it tumbled 3.4 percent, revised from a 4.3 percent fall reported earlier, data from the Office for National Statistics Construction output decreased for a third straight month. Year-on-year, construction output decreased for a second straight month, down 1.6 percent in September, after a 0.6 percent fall in the previous month that was revised from a 1.3 percent decline.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1098 TAGRET 1107 1114 SL 1088
  • SELL GOLD BELOW 1088 TAGRET 1080 1070 SL 1099

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

10Nov

Comex Trading Signals and Market News – 10 November 2015

INTERNATIONAL COMMODITY NEWS :

  • Copper futures slumped to a five-week low on Monday, after latest trade figures out of China added to concerns over the health of the world’s second-biggest economy.Copper for December delivery on the Comex division of the New York Mercantile Exchange declined 0.8 cents, or 0.33%, to trade at $2.234 a pound during morning hours in London. It earlier fell to $2.228, the lowest since August 24.
  • Gold prices struggled near three-month lows on Monday, as investors continued to cut holdings of the precious metal amid growing expectations the Federal Reserve will raise interest rates at its next meeting in December. Gold for December delivery on the Comex division of the New York Mercantile Exchange inched up $4.30, or 0.4%, to trade at $1,092.00 a troy ounce during European morning hours.
  • Crude oil prices rebounded in Asia on Monday in response to last week’s ahrp fall in the U.S. with disappointing Chinese trade data shrugged off for now.On the New York Mercantile Exchange, crude oil for delivery in December rose 0.86% to $44.44 a barrel.On Sunday, China said the October trade surplus came in at $61.64 billion, a tad more than $60.34 billion in September, with exports down 6.9% as imports slumped 18.8%.October’s trade surplus came in at a new monthly record due to a steeper drop in imports rather than any improvement in exports.

ECONOMY NEWS :

  • Global regulators set out their “final tools” on Monday for ending the phenomenon of “too big to fail” banks, seeking to draw a line under a period of intensive rule making after a financial crisis that tarnished the sector and weighed heavily on taxpayers. Mark Carney, chairman of the Financial Stability Board (FSB), which coordinates regulation across the Group of 20 economies (G20) to plug gaps highlighted by the 2007-09 financial crisis, said many of the key reforms have been implemented decisively and promptly.
  • Prime Minister David Cameron favors holding a referendum on Britain’s European Union membership in June next year if leaders of other member states agree to the bulk of his reform plans at a December summit, The Times newspaper reported on Monday.Cameron has promised to renegotiate Britain’s ties with the 28-nation bloc ahead of a membership vote by the end of 2017.
  • German Industrial output dropped for the second straight month in September, as weak demand from China, Russia    and other developing economies is damaging the European manufacturing powerhouse. The industrial production, adjusted for seasonal swings and calendar effects, dropped 1.1% in September from the previous month. The volume of total industrial output was the lowest in almost one year. Businesses have trimmed production somewhat in light of the restrained orders intake in the third quarter. German industrial production in the third quarter contracted 0.3% from the previous quarter.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1095 TARGET 1100 1107 SL 1088
  • SELL GOLD BELOW1085 TARGET 1080 1074 SL 1091

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

9Nov

Comex Trading Signals and Market News – 09 November 2015

INTERNATIONAL COMMODITY NEWS :

  • Crude oil prices edged up on Friday after falling over 2 percent the previous session, with analysts saying oversupply and a strong dollar would continue to weigh on fuel markets.U.S. crude futures (CLc1) were trading at $45.53 a barrel at 0700 GMT, up 33 cents from their last settlement, while Brent crude (LCOc1) rose 27 cents to $48.25 a barrel, but the gains followed steep falls the previous day on the back of climbing U.S.
  • Gold prices regained some ground in European morning hours on Friday, but gains were limited as investors remained cautious ahead of the upcoming report on U.S. nonfarm payrolls due later in the day. On the Comex division of the New York Mercantile Exchange, gold futures for December delivery were up 0.40% at $1,108.60.
  • Taking positive cues from overseas markets, copper prices moved up by 0.24% to Rs 338.55 per kg in futures trade today as speculators created fresh positions.Besides, pick up in demand from consuming industries in the spot market supported the upside.At the Multi Commodity Exchange, copper for delivery in far-month February rose by 80 paise, or 0.24%, to Rs 338.55 per kg in a business turnover of 72 lots.Similarly, the metal for delivery in November traded higher by 50 paise, or 0.15%, to Rs 330.60 per kg in 2,656 lots.

ECONOMY NEWS :

  • UK industrial production declined 0.2 percent in September from August, when it was up 0.9 percent, data from the Office for National Statistics showed Friday. It was expected to fall marginally by 0.1 percent. Meanwhile, manufacturing output growth improved to 0.8 percent from 0.4 percent in August and exceeded the expected growth of 0.6 percent. On a yearly basis, growth in industrial production eased to 1.1 percent from 1.8 percent a month ago. At the same time, manufacturing slid 0.6 percent after falling 0.9 percent in August.
  • German Industrial output dropped for the second straight month in September, as weak demand from China, Russia and other developing economies is damaging the European manufacturing powerhouse. The industrial production, adjusted for seasonal swings and calendar effects, dropped 1.1% in September from the previous month. The volume of total industrial output was the lowest in almost one year. Businesses have trimmed production somewhat in light of the restrained orders intake in the third quarter.
  • The US economy is likely in an above-potential growth phase, with labor markets continuing to improve, and with an underlying inflationary trend that, if not rapidly moving toward the FOMC’s objective, is at least not moving away from that objective, stated Dennis Lockhart, the president of the Atlanta Fed in a latest speech. He noted that the US economy is transitioning from a period of extraordinary policy to normal policy

TRADING STRATEGY :

  • BUY GOLD ABOVE 1091 TARGET 1096 1102 SL 1085
  • SELL GOLD BELOW 1085 TARGET 1080 1074 SL 1091

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

6Nov

Comex Trading Signals and Market News – 06 November 2015

INTERNATIONAL COMMODITY NEWS :

  • Copper prices tumbled to five-week lows on Thursday, as the U.S. dollar rallied after Federal Reserve Chair Janet Yellen pointed to a possible December interest rate hike.Copper for December delivery on the Comex division of the New York Mercantile Exchange slumped 3.6 cents, or 1.56%, to trade at $2.286 a pound during morning hours in London. It earlier fell to $2.285, the lowest since October 2. A day earlier, copper prices dipped 0.8 cents, or 0.34%.
  • Oil prices rose on Thursday, paring some of the losses incurred a day earlier after data showed U.S. inventory levels had risen for a sixth week and mounting evidence of weakness spreading through the physical market.A day earlier, oil fell by nearly 4 percent after the Energy Information Administration saidU.S. crude inventories added 2.85 million barrels last week, in line with forecasts, despite a drop in imports to their lowest level since 1991.
  • Gold prices rose 0.12% to Rs 25,802 per 10 gram in futures trade today as speculators created fresh positions, taking positive cues from global markets.At the Multi Commodity Exchange, gold for delivery in December was up by Rs 31, or 0.12%, to Rs 25,802 per 10 gram, in a business turnover of 842 lots.

ECONOMY NEWS :

  • Germany’s factory orders fell 1.7 percent month-on-month in September, confounding expectations for a 1 percent rise, data from Destatis revealed Thursday. This was the third consecutive fall in orders. Orders had declined 1.8 percent in August and 2.2 percent in July. Domestic orders slid 0.6 percent and foreign orders dipped 2.4 percent.
  • UK house prices increased 1.1 percent in October from a year ago, reversing a 0.9 percent drop in September, survey data from the Lloyds Banking Group’s Halifax division revealed Thursday. Prices in the three months to October were 9.7 percent higher than in the same three months a year earlier. It was faster than a 8.6 percent rise seen in September. On a sequential basis, house prices increased 2.8 percent versus 2 percent rise in three months to September.
  • Renewable energy supply in eight major economies will collectively more than double by 2030 due to new national climate and energy plans, according to a study by the think tank World Resources Institute (WRI). Total clean energy supply from eight of the world’s 10 largest greenhouse gas emitters – Brazil, China, the European Union, India, Indonesia, Japan, Mexico and the United States -will jump to 20,000 terawatt hours (TWh) from around 9,000 TWh in 2009.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1112 TARGET 1117 1123 SL 1106
  • SELL GOLD BELOW 1106 TARGET 1101 1095 SL 1111

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

5Nov

Comex Trading Signals and Market News – 05 November 2015

INTERNATIONAL COMMODITY NEWS :

  • Copper prices rose to a one-week high on Wednesday, after mining giantGlencore (L:GLEN) announced further supply cuts of the red metal.Copper for December delivery on the Comex division of the New York Mercantile Exchange tacked on 1.6 cents, or 0.69%, to trade at $2.347 a pound during morning hours in London. It earlier rose to $2.352, the highest since October 28. A day earlier, copper prices inched up 1.1 cents, or 0.5%.
  • Gold prices struggled near five-week lows on Wednesday, as investors looked ahead to key U.S. data later in the day  for further indications on the strength of the economy and the likelihood of a near-term interest rate hike.Gold for December delivery on the Comex division of the New York Mercantile Exchange inched up $4.60, or 0.41%, to trade at $1,118.70 a troy ounce during European morning hours.
  • Oil prices slipped in thin trading on Wednesday as investors took profit from the previous session’s rally, although supply disruptions in Brazil and Libya helped to limit the losses.Brent futures for December delivery had fallen 13 cents to $50.41 at barrel by 0546 GMT, after ending the last session up $1.75, or 3.6 percent.U.S. crude for December delivery dropped

ECONOMY NEWS :

  • Japan’s seasonally adjusted consumer confidence index rose to 41.5 in October from 40.6 in September, survey data from the Cabinet Office showed Wednesday. The survey was conducted on October 15 among 8,400 households and the response rate was 65.5 percent. All sub-components of consumer confidence climbed from previous month. The overall livelihood sub-index rose to 39.6 in October from 38.8 in September. Similarly, the index measuring income growth increased to 40.0 from 39.4.
  • The MNI India Consumer Sentiment Indicator dropped 1.1% to 114.1 in October from 115.3in September, the lowest level since the start of the survey in November 2012. Rate cutshave done little to stop the decline in consumer sentiment throughout 2015 and this monthproved no different, with consumers unstirred by the late September 50 basis point cut toboost economic growth.
  • Indian Finance Minister Arun Jaitley expressed confidence on Wednesday that he would be able to pass a new goods and services tax (GST), saying opposition to the reform would crumble when it comes to a parliamentary vote.”GST is only a question of time,” Jaitley told an economic conference in New Delhi.The opposition Congress party and its allies have been able to block the measure because Prime Minister Narendra Modi’s nationalist coalition lacks a majority in the upper house of parliament.

TRADING STRATEGY :

  • BUY GOLD ABOVE 1120 TARGET 1125 1131 SL 1114
  • SELL GOLD BELOW 1110 TARGET 1105 1099 SL 1116

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

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