INTERNATIONAL COMMODITY NEWS
• Gold prices gained in Asia on Friday in a rebound following overnight declines on disappointing U.S. GDP data. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1,258.50 a troy ounce, up 0.11%, after hitting an overnight session low of $1,251.60 and off a high of $1,260.60.
• Silver comex for July delivery rose 0.18% at $19.048 a troy ounce. Copper futures for July delivery gained 0.07% at $3.148 a pound.
• Crude oil prices fell in Asia on Friday on profit taking and few demand cues following disappointing U.S. GDP data. On the New York Mercantile Exchange, West Texas Intermediate Crude Oil for delivery in July traded at $103.42 a barrel, down 0.16%, after hitting an overnight session low of $102.62 a barrel and a high of $103.93 a barrel.
• Brent crude on the ICE futures exchange rose 0.2% to $109.97 a barrel.
• Natural gas futures fell on Thursday after official data revealed U.S. stockpiles rose more than markets were expecting last week. On the New York Mercantile Exchange, natural gas futures for delivery in July traded at $4.592 per million British thermal units during U.S. trading, down 0.50%. The commodity hit a session high of $4.653 and a low of $4.530. The July contract settled up 2.31% on Wednesday to end at $4.615 per million British thermal units.
• Base metals were mostly pressured lower on Friday’s Asian trade, following through the round of selling from Thursday due to some lacklustre data out of the US and the Chinese PMI set to be released over the weekend. Copper is back below $6,900, and today’s prices are about $21 lower at $6,863 per tonne. The backwardation in the cash/threes spread was $89. Aluminium closed at $1,845 and has since come down $6 to $1,839 per tonne. Stocks were down 9,150 tonnes at 5,199,175 tonnes. Nickel continues to hover near $19,000, trading on both sides of the key figure this morning although it currently stands at $18,995. Stocks climbed 3,138 tonnes to 283,662 tonnes, centred on Rotterdam. Lead was last at $2,120, down $2, and Zinc slipped $9 to $2,059 although stocks continued to fall, dropping 1,075 tonnes to 719,600 tonnes, their lowest since March 4, 2011. Tin traded lower with the rest, losing $89 overnight to the current $23,386 per tonne.
TRADING STRATEGY :
COPPER-COMEX has closed @ 3.1505. If it breaks the level of 3.1402, it can touch the level of 3.1302 & 3.1170 respectively. If it sustain above the level of 3.1657, it can touch the level of 3.1757, 3.1880 respectively.
- SELL COPPER-COMEX BELOW 3.1402 TGTS 3.1302, 3.1170 SL 3.1512.
- BUY COPPER-COMEX ABOVE 3.1657 TGTS 3.1757, 3.1880 SL 3.1547.