INTERNATIONAL COMMODITY NEWS :
• Prices for gold futures fell precipitously on Tuesday, as the U.S. Dollar Index reached its highest level in more than 11 years. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery fell $5.00 or 0.41% to $1,203.20 a troy ounce, as future prices wavered on a see-saw day of trading. Prices fell below a seven-week low of $1,195 an ounce during European trading, before rebounding to near $1,215 during early trading on U.S. markets. Gold prices then plunged shortly ahead of Benjamin Netanyahu’s address in front of Congress, before remaining steady during the Israeli prime minister’s speech.
• Crude oil prices were quoted higher in Asia on Wednesday after industry data showed U.S. oil inventories mixed in the past week. The American Petroleum Institute said that crude oil stocks rose 2.9 million barrels last week, while distillates fell 296,000 barrels and gasoline stocks gained 530,000 barrels. The figures set the tone for more closely watched data from the U.S. Department of Energy due on Wednesday. On the New York Mercantile Exchange, the price of WTI crude oil for delivery in April was quoted at $50.29 a barrel, up 0.40%. Overnight, oil prices surged on Tuesday, moving up sharply during Israeli Prime Minister Benjamin Netanyahu’s address in front of Congress, before falling slightly back, as futures continued on a volatile path.
• U.S. natural gas prices turned higher on Tuesday after hitting a three-week low earlier, as investors monitored near-term weather forecasts to gauge the strength of demand for the fuel. On the New York Mercantile Exchange, natural gas for delivery in April touched a session low of $2.649 per million British thermal units, a level not seen since February 10, before trading at $2.713 during U.S. morning hours, up 1.5 cents, or 0.54%. Futures were likely to find support at $2.638 per million British thermal units, the low from February 10, and resistance at $2.753, the high from March 2. A day earlier, natural gas for delivery in April fell 3.6 cents, or 1.32%, to close at $2.698, as extended forecasts called for warmer weather across the majority of the U.S. in the second week of March. Bearish speculators are betting on the warm weather reducing late-winter demand for the heating fuel.
• Copper prices fell sharply on Tuesday, one day after hitting the highest level in seven weeks as concerns over the health of China’s economy dampened demand for the red metal. The Asian nation is the world’s largest copper consumer, accounting for almost 40% of world consumption last year. On the Comex division of the New York Mercantile Exchange, copper for May delivery tumbled 4.1 cents, or 1.5%, to trade at $2.657 a pound during European morning hours A pair of manufacturing reports released earlier in the week painted a mixed picture of the health of China’s manufacturing sector. The final February HSBC manufacturing index published on Monday ticked up to 50.7, above the flash reading of 50.1.In contrast, the official China’s manufacturing purchasing managers’ index released on Sunday showed that activity in China’s factory sector contracted for a second straight month in February.
- BUY GOLD ABOVE 1208 TARGET 1213 1219 SL 1202
- SELL GOLD BELOW 1201 TARGET 1196 1190 SL 1207
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