INTERNATIONAL COMMODITY NEWS :
• Gold prices rose in Asia on Tuesday after solid manufacturing data in the country set the tone for demand by a top importer of the yellow metal. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1,328.60 a troy ounce, up 0.50%, after hiitng an overnight session low of $1,311.20 and off a high of $1,330.20.
• Silver for September delivery was up 0.32% at $21.123 a troy ounce. Copper futures for September delivery were up 0.05% at $3.207 a pound.
• Crude oil prices gained in Asia on Tuesday after strong PMI data from China set the tone on demand prospects. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $105.60 a barrel, up 0.21%, after hiting an overnight session low of $104.67 a barrel and a high of $105.75 a barrel.
• Brent oil on the ICE futures exchange slid 0.8%, to $112.36 a barrel on Monday, but gained 4.3% this quarter and 1.4% in the first half of the year. Prices rose 2.7% for the month.
• Natural gas futures rebounded on Monday after bottom fishers snapped up nicely-priced positions in the commodity and took back losses stemming from last week’s bearish supply report. On the New York Mercantile Exchange, natural gas futures for delivery in August traded at $4.481 per million British thermal units during U.S. trading, up 1.62%. The commodity hit a session high of $4.493 and a low of $4.379. The August contract settled down 0.72% on Friday to end at $4.409 per million British thermal units.
• Base metals traded mixed during Tuesday’s Asian trade, following the release of the HSBC flash manufacturing PMI as well as the official PMI data. Copper was last flat at $7,015 per tonne, while zinc at $2,204 gave back $13 overnight after closing at $2,217 per tonne. Aluminium continued to be languish below $1,900 – it closed at $1,891 and is last at $1,887 per tonne. Inventories were down 7,675 tonnes at 5,046,200 tonnes, the lowest again since October 2012. Lead is lower as well, losing $7 to last trade at $2,166 from Monday’s $2,173. There was a 400-tonne stock increase to 193,800 tonnes. Nickel cleared the $19,000 mark on Monday, and is now at $19,027, $13 lower than Monday’s close. Technical buyers could come into the market, traders said, especially if the dollar is kept soft. Tin is lower as well, with last trade at $22,502, $43 lower than Monday’s $22,545 amidst a stock climb of 100 tonnes to 11,385 tonnes, another seven-month high.
TRADING STRATEGY :
PLATINUM-COMEX has closed @ 3.2000. If it sustain above the level of 3.2090, it can touch the level of 3.2190 & 3.2340 respectively. If it breaks the level of 3.1683, it can touch the level of 3.1583, 3.1433 respectively.
- BUY PLATINUM-COMEX ABOVE 3.2090 TGTS 3.2190, 3.2340 SL 3.1980.
- SELL PLATINUM-COMEX BELOW 3.1683 TGTS 3.1583, 3.1433 SL 3.1793.