INTERNATIONAL COMMODITY NEWS :
• Gold futures came off earlier highs and dipped into negative territory on Friday though the commodity remain stable on fears that financial woes at Portugal’s largest bank may signify the euro zone periphery may be facing financial troubles anew. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at 1,337.00 a troy ounce during U.S. trading, down 0.16%, up from a session low of $1,334.90 and off a high of $1,340.30. The August contract settled up 1.13% at $1,339.20 on Thursday.
• Silver for September delivery was down 0.19% at $21.468 a troy ounce, while copper futures for September delivery were up 0.07% at $3.269 a pound.
• Crude futures dropped on Friday as investors continued to unwind positions that priced in conflict-related supply disruptions in Libya and Iraq that never materialized. In the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $101.00 a barrel during U.S. trading, down 1.88%. New York-traded oil futures hit a session low of $100.62 a barrel and a high of $102.92 a barrel. The August contract settled up 0.63% at $102.93 a barrel on Thursday.
• Natural gas futures bounced back from six-month lows on Friday after bargain hunters snapped up nicely-priced positions in the commodity and reversed losses stemming from Thursday’s bearish supply report. On the New York Mercantile Exchange, natural gas futures for delivery in August traded at $4.138 per million British thermal units during U.S. trading, up 0.44%. The commodity hit a session high of $4.158 and a low of $4.107. The August contract settled down 1.20% on Thursday to end at $4.120 per million British thermal units.
• Base metals were in consolidation mode in Friday’s LME premarket on a lack of impetus. Conditions were thin – fewer than 4,000 lots of copper have changed hands on Select so far. Copper was last at $7,141 per tonne, down $21 on Thursday’s close. Stocks were up 375 tonnes to 158,475 tonnes – again due to material arriving in Busan. Cancellations at the Korean port also climbed 850 tonnes to 2,375 tonnes. Aluminium was $5 higher at $1,930, with stocks 9,450 tonnes lower at 5,005,900 tonnes and cancelled warrants 1,425 tonnes higher at 2,949,250 tonnes. Tin was trading around two-week lows at $21,950 – stocks increased 30 tonnes to 11,575 tonnes. Nickel has been bumpy, reflecting political developments in Indonesia. It was last at $19,290, up $40, after stocks fell 60 tonnes to 307,350 tonnes although cancelled warrants dropped 2,646 tonnes to 104,352 tonnes. Lead at $2,196 was up $7 – stocks and cancelled warrants both down 225 tonnes at 213,375 tonnes and 11,375 tonnes respectively – while zinc at $2,285 was up $14 after stocks fell 1,050 tonnes to 660,800 tonnes and cancelled warrants jumped 4,950 tonnes to 62,850 tonnes.
• The ICE Futures Exchange in London, Brent oil futures for August delivery were down 1.82% and trading at US$106.701 a barrel, while the spread between the Brent and U.S. crude contracts stood at US$5.70 a barrel.
TRADING STRATEGY :
SILVER-COMEX has closed @ 21.41. If it sustain above the level of 21.46, it can touch the level of 21.61 & 21.81 respectively. If it breaks the level of 21.13, it can touch the level of 20.98, 20.78 respectively.
- BUY SILVER-COMEX ABOVE 21.46 TGTS 21.61, 21.81 SL 21.27.
- SELL SILVER-COMEX BELOW 21.13 TGTS 20.98, 20.78 SL 21.32.