INTERNATIONAL COMMODITY NEWS
• Gold prices rose in U.S. trading on Friday after upbeat data on new home sales fueled demand for the dollar, which tends to trade inversely with the yellow metal. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at 1,291.60 a troy ounce during U.S. trading, down 0.26%, up from a session low of $1,287.10 and off a high of $1,295.70. The June contract settled up 0.54% at $1,295.00 on Thursday.
• Silver comex for July delivery was down 0.60% at $19.403 a troy ounce, while copper futures for July delivery were up 0.65% at $3.162 a pound.
• The ICE Futures Exchange in London, Brent oil futures for July delivery were up 0.16% and trading at US$110.54 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$6.14 a barrel.
• Base metals were either consolidating or trading sideways on Friday morning other than aluminium, which was close to one-month highs. He copper price rose $38 from Thursday’s close to $6,913 per tonne. Stocks fell for the 23rd consecutive day, down a net 1,500 tonnes at 1,758,500 tonnes. The aluminium price jumped to $1,824, up $28 and its highest since April 29 – it has recovered from yesterday’s drop close to two-and-a-half month lows of $1,775. Close to 9,000 lots have changed hands so far, outpacing all other contracts. The nickel price was down $128 at $19,647 after stocks climbed 732 tonnes to 280,404 tonnes. The tin price at $23,220 was up $30; stocks were unchanged. The backwardation in the cash/threes spread was last at $35, considerably lower above $100 at the start of the week. Lead rose $23 to $2,150 – there was no change in stocks – and zinc increased $16.50, with stocks and cancelled warrants both down 5,925 tonnes at 728,425 tonnes and 101,625 tonnes respectively.
• Better-than-expected data on U.S. home sales sent oil prices rising on Friday, a day after a solid report on existing home sales painted a picture of a U.S. economy that continues to recover and will demand more fuel and energy going forward. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in July traded at $104.40 a barrel during U.S. trading, up 0.64%. New York- traded oil futures hit a session low of $103.64 a barrel and a high of $104.50 a barrel. The July contract settled down 0.32% at $103.74 a barrel on Thursday.
• Bargain hunters snapped up nicely-priced natural gas futures on Friday after Thursday’s weekly supply report sent prices down to levels ripe for bottom fishing. On the New York Mercantile Exchange, natural gas futures for delivery in June traded at $4.390 per million British thermal units during U.S. trading, up 0.70%. The commodity hit session high of $4.404 and a low of $4.360. The June contract settled down 2.55% on Thursday to end at $4.359 per million British thermal units.
TRADING STRATEGY :
PLATINUM-COMEX has closed @ 1471.75. If it breaks the level of 1468, it can touch the level of 1460 & 1450 respectively. If it sustain above the level of 1482, it can touch the level of 1490, 1500 respectively.
- SELL PLATINUM-COMEX BELOW 1468 TGTS 1460, 1450 SL 1480.
- BUY PLATINUM-COMEX ABOVE 1482 TGTS 1490, 1500 SL 1470.