INTERNATIONAL COMMODITY NEWS
- Gold eased in Asia on Friday with demand prospects from China and India in focus. A pickup in Chinese manufacturing in May though still below expansion territory – and a new government in India may bode well for demand from the world’s top two gold importers. On the Comex division of the New York Mercantile Exchange, gold futures for June delivery traded at $1,294.30, down 0.05%, after hitting an overnight session low of $1,290.20 and off a high of $1,303.90.
- Silver comex for July delivery was down 0.06% at $19.508 a troy ounce. Copper futures for July delivery were flat at at $3.139 a pound.
- Crude oil prices eased slightly in Asia Friday with the market looking ahead on demand prospects in countries such as China adn India. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in July traded at $103.67 a barrel, down 0.07%, after hitting an overnight session low of $103.68 a barrel and a high of $104.20 a barrel.
- Brent crude on the ICE futures exchange fell 19 cents, or 0.2%, to $110.36 a barrel Thursday.
- Natural gas prices fell on Thursday after a weekly U.S. supply report revealed that inventories rose more than expected last week. 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, down 1.87%. The commodity hit session high of $4.503 and a low of $4.372. The June contract settled down 1.74% on Wednesday to end at $4.473 per million British thermal units.
- Base metals made gains on Thursday afternoon, with data from the US, China and Europe providing some lift to the complex into the LME close. Copper ended at $6,875 per tonne, up $44 on Thursday’s close, with stocks falling for the 22nd consecutive day, down 1,750 tonnes at 177,350 tonnes. Cancelled warrants rose 1,925 tonnes to 64,950 tonnes. Aluminium at $1,796 was up $29 at the close after a 9,475-tonne stock fall to 5,222,700 tonnes, while cancelled warrants climbed 12,150 tonnes to 2,866,575 tonnes. Nickel closed $275 higher at $19,775 and stocks declined 348 tonnes to 279,672 tonnes. Cancelled warrants however, jumped 3,648 tonnes mostly in Johor, where total cancellations now stand at 71,922 tonnes. Lead concluded at $2,137, an increase of $14 – stocks and inventories cancelled warrants both declined 100 tonnes – and zinc at $2,079 was $12 higher, with inventories falling a further 5,300 tonnes to 734,350 tonnes. Tin climbed $215 to end at $23,190 and steel was quoted at $400/410 – stocks and cancellations both fell another 65 tonnes to 8,190 tonnes and 3,900 tonnes respectively.
TRADING STRATEGY :
- SELL NATURALGAS-NYMEX BELOW 4.349 TGTS 4.309, 4.258 SL 4.394.