INTERNATIONAL COMMODITY NEWS :
• Gold prices held steady in Asia on Friday in thin trade ahead of U.S. public holiday. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1,320.50 a troy ounce, down 0.01%, after hitting an overnight session low of $1,310.50 and off a high of $1,328.40.
• Silver for September delivery rose 0.08% at $21.153 a troy ounce. Copper futures for September delivery were up 0.10% at $3.278 a pound.
• Crude oil prices eased marginally in Asia on Friday with U.S. markets shut and possible supply disruption issues from Libya and Iraq on the wane. On the New York Mercantile Exchange, West Texas Intermediate crude oi oil for delivery in August traded at $103.99 a barrel, down 0.07%, after hitting an overnight session low of $103.68 a barrel and a high of $104.31 a barrel, posting six straight sessions of declines.
• Brent oil on the ICE futures exchange fell 0.2% to $111.00 a barrel.
• Natural gas futures rose on Thursday after a weekly U.S. supply report met market expectations. On the New York Mercantile Exchange, natural gas futures for delivery in August traded at $4.368 per million British thermal units during U.S. trading, up 0.24%. The commodity hit a session high of $4.409 and a low of $4.331. The August contract settled down 2.20% on Wednesday to end at $4.357per million British thermal units.
• Base metals stepped back from early highs during Thursday LME premarket trading when the momentum that swept the complex to multi-week and multi-month highs slowed and investors paused ahead of the day’s key economic data-event, the US June jobs report. The copper price hit $7,150, further capitalising on the break above $7,100, before it stepped back to $7,128, a $3 gain from Wednesday’s close. The zinc price hit its highest since August 2011 at $2,270.25 and then dropped back to $2,240, an $8 loss. But the market is up some 3.8 percent over two days. Stocks fell 1,175 tonnes to 665,600 tonnes, the lowest since December 2010. Lead prices reversed direction after inventories jumped 19,900 tonnes to 213,600 tonnes, the highest since January 8, with all the inflow warranted in Antwerp. Prices, which had hit a six-month peak of $2,230 earlier, stumbled back to $2,199, a $7.50 loss now from the Wednesday close. The aluminium price got to $1,936.25 and then traded at $1,924, up just $1 now. Inventories were 8,075 tonnes lower at 5,058,325 tonnes. The nickel price got to within $10 of $20,000 and recently traded at $19,791, up $166 – stocks were down 456 tonnes at 304,938 tonnes. The tin price at $22,800 registered a $225 loss; inventories were up 155 tonnes at 11,715 tonnes, their highest since November 2013.
TRADING STRATEGY :
GOLD-COMEX has closed @ 1319.08. If it breaks the level of 1317, it can touch the level of 1309 & 1297 respectively. If it sustain above the level of 1332, it can touch the level of 1340, 1352 respectively.
- SELL GOLD-COMEX BELOW 1317 TGTS 1309, 1297 SL 1327.
- BUY GOLD-COMEX ABOVE 1332 TGTS 1340, 1352 SL 1322.
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