INTERNATIONAL COMMODITY NEWS :
• Gold prices continued gains in Asia on Friday after President Barack Obama said the U.S. would assist in determining the cause of the crash of a Malaysia Airlines plane near the Russia-Ukraine border. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1,322.70 a troy ounce, up 0.44%, after hitting an overnight session low of $1,298.20 and off a high of $1,324.40.
• Silver for September delivery was up 0.57% at $21.255 a troy ounce. Copper futures for September delivery were flat at 3.216 a pound.
• Crude oil prices rose in Asia, continuing overnight gains after Gold prices continued gains in Asia on Friday after President Barack Obama said the U.S. would assist in determining the cause of the crash of a Malaysia Airlines plane near the Russia-Ukraine border. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $103.76 a barrel, up 0.55%, after hitting an overnight session low of $101.28 a barrel and a high of $103.06 a barrel, posting the largest one-day dollar and percentage gain since June 12, when Islamists launched an uprising in Iraq.
• Brent oil futures for September delivery rose 0.8% to $107.89 a barrel on the ICE futures exchange Thursday before the crash. An early morning gain had come primarily from the August contract, which expired Wednesday at a settlement of $105.85, “rolling over” into the new front-month September contract which was trading higher.
• Natural gas dropped to near six-month lows on Thursday after data showed that U.S. supplies rose more than expected last week. On the New York Mercantile Exchange, natural gas futures for delivery in August traded at $3.965 per million British thermal units during U.S. trading, down 3.75%. The commodity hit a session high of $4.112 and a low of $3.957. The August contract settled up 0.54% on Wednesday to end at $4.119 per million British thermal units.
• Base metals traded mixed on Friday Asian trade, with prices mostly range-bound and on thin volumes, lacking catalyst for price direction. Copper was last $10 lower at $7,055 per tonne, with prices trading in a $20 range this morning. The metal saw some heavy selling during London trading yesterday, falling to a low of $7,032 due to concerns surrounding financing in China. Nickel at $19,175 is down $25 after stocks increased 2,364 tonnes to 310,782 tonnes, a fresh all-time high. Aluminium remained quietly steady, currently trading at $1,987, just $2 lower from previous close. Inventories were down 8,775 tonnes at 4,967,250 tonnes, their lowest since September 2012. Cancelled warrants were also lower, down 6,725 tonnes to 2,915,100 tonnes. Zinc at $2,305 gained $3 as the market swung to a deficit of 194,000 tonnes in the first five months of the year, according to the International Lead and Zinc Study Group (ILZSG).Stocks continue to drop, falling 350 tonnes to 657,375 tonnes – the 13th consecutive day of declines. Lead was up as well, gaining $5 on Thursday’s $2,190 close, while stocks down 35 tonnes to 11,775 tonnes. The ILZSG pegged the January-May deficit at a wider 20,000 tonnes. Tin at $22,068 is $32 lower although stocks lost 35 tonnes to 11,775 tonnes.
TRADING STRATEGY :
GOLD-COMEX has closed @ 1318.81. If it breaks the level of 1311, it can touch the level of 1304 & 1292 respectively. If it sustain above the level of 1332, it can touch the level of 1339, 1351 respectively.
- SELL GOLD-COMEX BELOW 1311 TGTS 1304, 1292 SL 1321.
- BUY GOLD-COMEX ABOVE 1332 TGTS 1339, 1351 SL 1322.
Fore more information about Comex Commodity Market Trading or Signals, Please visit- EPIC RESEARCH PRIVATE LIMITED.