INTERNATIONAL COMMODITY NEWS :
• Gold prices gained in Asia on Wednesday as investors continued to see bargains ahead of U.S. Federal Reserve minutes. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at 1$,320.60 a troy ounce, up 0.31%, after hiting an overnight session low of $1,314.40 and off a high of $1,325.70.
• Silver for September delivery was up 0.37% at $21.090 a troy ounce. Copper futures for September delivery were down 0.27% at $3.252 a pound.
• Crude prices gained in Asia on Wedneday on bullish weekly industry data on U.S. stockpiles. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $103.46 a barrel, up 0.06%, aftr hitting an overnight session low of $103.02 a barrel and a high of $104.13 a barrel.
• Brent oil crude on the ICE future exchange fell $1.30, or 1.2%, to settle at $108.94 a barrel on Tuesday.
• Natural gas futures fell on Tuesday after updated weather-forecasting models called for a below-normal temperatures over portions of the eastern U.S., which could prompt households to throttle back on their air conditioning. On the New York Mercantile Exchange, natural gas futures for delivery in August traded at $4.139 per million British thermal units during U.S. trading, down 2.05%. The commodity hit a session high of $4.233 and a low of $4.131. The August contract settled down 4.11% on Monday to end at $4.225 per million British thermal units.
• Fund activity helped to push metal prices higher during Tuesday morning pre-market sessions, with CTA buying propelling nickel, aluminium and zinc, while copper also resumed it’s increase. The copper price at $7,175 was up $19.50 on the previous day’s close, while stocks were down a net 1,300 tonnes to 158,050 tonnes and cancelled warrants fell 1,925 tonnes to 31,075 tonnes. The zinc price remains strong – it last traded at $2,279, an increase of $16 and the highest since August 2011 as it finds ongoing support from fund activity. The lead price at $2,198 was up $6 – although it had earlier peaked at $2,203 – stocks were unchanged again. Tin at $22,674 was down $1, as stocks were up 25 tonnes to 11,850 tonnes. Nickel prices continue to find support from the Indonesian export ban uncertainty. The Indonesian government is set to hold presidential elections tomorrow, which will have ramifications for the ban on ore exports. Last at $19,531 it was up $221 and stocks fell 114 tonnes to 305,280 tonnes.
TRADING STRATEGY :
COPPER-COMEX has closed @ 3.2590. If it breaks the level of 3.2480, it can touch the level of 3.2360 & 3.2190 respectively. If it sustain above the level of 3.2830, it can touch the level of 3.2950, 3.3120 respectively.
- SELL COPPER-COMEX BELOW 3.2480 TGTS 3.2360, 3.2190 SL 3.2610.
- BUY COPPER-COMEX ABOVE 3.2830 TGTS 3.2950, 3.3120 SL 3.2700.
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