INTERNATIONAL COMMODITY NEWS :
• Gold price eased slightly in Asia on Thursday with remarks by Federal Reserve Chairwoman Janet Yellen being digested for hints on the timing of higher rates. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1,299.40 a troy ounce, down 0.03%, after hitting a session low of $1,294.10 and off a high of $1,304.30.
• Silver for September delivery traded at $20.793 a troy ounce, up 0.09%. Copper futures for September delivery were flat at $3.214 a pound.
• Crude oil prices held gains into Asia on Thursday after bullish U.S. stockpiles data bolstered views of solid demand. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $101.39 a barrel, up 0.18%, after hitting an overnight session low of $99.95 a barrel and a high of $101.39 a barrel.
• Natural gas futures edged higher on Wednesday after investors priced in the impact below-normal temperatures making their way across the U.S. will have on demand and went long on expectations for seasonably warm temperatures to follow. On the New York Mercantile Exchange, natural gas futures for delivery in August traded at $4.131 per million British thermal units during U.S. trading, up 0.82%. The commodity hit a session high of $4.145 and a low of $4.087. The August contract settled down 1.21% on Tuesday to end at $4.097 per million British thermal units.
• Base metals prices were largely unchanged in Wednesday morning’s LME premarket despite Chinese industrial production figures coming in above forecast.The copper price- just 4,200 lots have changed hands on Select so far. Stock movements were marginal, with inventories down 200 tonnes to 159,175 tonnes. the aluminium price was the most notable mover, peaking at a fresh 13-month high of $1,979 per tonne – it was last at $1,975, up $15 on the Tuesday’s close. Zinc hit $2,320 overnight but is currently sitting around $2,311, up $12. Stocks continue to fall, dropping another 750 tonnes to 657,725 tonnes, marking the 12th day of consecutive declines. Lead drifted from its earlier session high of $2,220 and was last at $2,212, still up $4. The tin price slipped $36 to $22,139 after a 275-tonnes stock increase to 11,810 tonnes. Nickel rose $44 to $19,369, continuing to take support from the long-running Indonesian ore export ban. It shrugged off a 96-tonne increase in stocks, which took LME inventories to fresh highs.
• The global Brent oil contract lost 0.2% to $105.85 a barrel, on the last day of trading for the expiring August contract.
TRADING STRATEGY :
COPPER-COMEX has closed @ 3.2125. If it breaks the level of 3.2065, it can touch the level of 3.1955 & 3.1800 respectively. If it sustain above the level of 3.2425, it can touch the level of 3.2535, 3.2685 respectively.
- SELL COPPER-COMEX BELOW 3.2065 TGTS 3.1955, 3.1800 SL 3.2175.
- BUY COPPER-COMEX ABOVE 3.2425 TGTS 3.2535, 3.2685 SL 3.2315.