INTERNATIONAL COMMODITY NEWS :
• Gold futures fell on Friday despite less-than-stellar U.S.economic indicators, as markets bet the U.S. economy continues to recover and is in less need of monetary support from the Federal Reserve.Monetary stimulus tools such as the Fed’s monthly asset-purchasing program weaken the dollar by suppressing longer-term interest rates, making gold an attractive hedge as long as they remain in place. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at 1,245.40 a troy ounce during U.S. trading, down 0.93%, up from a session low of $1,242.50 and off a high of $1,260.60. The August contract settled down 0.21% at $1,257.10 on Thursday.
• Silver comex for July delivery was down 1.75% at $18.682 a troy ounce, while copper futures for July delivery were down 0.66% at $3.124 a pound.
• Crude oil futures fell on Friday after investors locked in gains from Thursday’s bullish supply report and sold the commodity for profits. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in July traded at $102.79 a barrel during U.S. trading, down 0.76%. New York-traded oil futures hit a session low of $102.42 a barrel and a high of $103.60 a barrel. The July contract settled up 0.84% at $103.58 a barrel on Thursday.
• The ICE Futures Exchange in London, Brent oil futures for July delivery were down 0.52% and trading at US$109.40 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$6.61 a barrel.
• Natural gas futures carried Thursday’s losses into Friday after official data revealed U.S. stockpiles rose more than markets were expecting last week, though prices steadied in afternoon trading.On the New York Mercantile Exchange, natural gas futures for delivery in July traded at $4.552 per million British thermal units during U.S. trading, down 0.16%. The commodity hit a session high of $4.592 and a low of $4.490. The July contract settled down 1.21% on Thursday to end at $4.559 per million British thermal units.
• Base metals were trading in well-worn ranges during Friday morning sessions as the complex looked towards US and Chinese data releases for direction. The copper price at $6,890 per tonne was up $6 on the previous day’s close, as stocks and cancelled warrants fell 1,150 tonnes to 171,350 tonnes and 73,500 tonnes respectively. Aluminium at $1,840 was down $4, dropping of its session and one-month highs of $1,853. Inventories were 4,750 tonnes lower. The nickel price continues to be jumpy – the metal had soared above $21,000 at the start of the month, but has since declined to $18,972. Lead at $2,100 was $22 lower with a 375-tonne decrease in stocks to 19,045 tonnes. Sister metal Zinc at $2,048 was down $20 although stocks fell 7,700 tonnes to 711,900 tonnes. Tin was $15 lower at $23,460 and stocks and cancelled warrants declined $50 to 10,865 tonnes and 3,500 tonnes respectively.
TRADING STRATEGY :
PLATINUM-COMEX has closed @ 1449.25. If it breaks the level of 1443, it can touch the level of 1436 & 1425 respectively. If it sustain above the level of 1465, it can touch the level of 1472, 1483 respectively.
- SELL PLATINUM-COMEX BELOW 1443 TGTS 1436, 1425 SL 1453.
- BUY PLATINUM-COMEX ABOVE 1465 TGTS 1472, 1483 SL 1455.