INTERNATIONAL COMMODITY NEWS :
• Gold prices eased in Asia on Friday, retracing overnight gains made on concerns about southern European banks. On the Comex division of the New York Mercantile Exchange, Gold futures for August delivery traded at $1,337.40 a troy ounce, down 0.13%, after hitting an overnight session low of $1,325.40 and off a high of $1,346.10.
• Silver for September delivery fell 0.07% at $21.493 a troy ounce. Copper futures for September delivery rose 0.09% at $3.273 a pound.
• Crude oil prices fell in Asia on Friday on profit taking after mild gains in the U.S. session. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $102.76 barrel, down 0.17%,after hitting an overnight session low of $101.55 a barrel and a high of $103.00 a barrel.
• Brent oil for August delivery on the ICE Futures Europe exchange gained 0.4% to $108.67 a barrel on Thursday, snapping an eight-day losing streak. It was the largest one-day dollar and percentage gain in three weeks.
• Natural gas futures fell to six-month lows on Thursday after official data revealed U.S. stockpiles rose more than expected last week. On the New York Mercantile Exchange, natural gas futures for delivery in August traded at $4.118 per million British thermal units during U.S. trading, down 1.26%. The commodity hit a session high of $4.189 and a low of $4.117. The August contract settled down 0.81% on Wednesday to end at $4.170 per million British thermal units.
• Base metals were mixed this Friday’s Asian trade, while a combination of factors affecting the market cause investors to adopt a wait-and-see approach. Copper is just $5 higher from Thursday’s kerb close at $7,167 per tonne. Warehouse stocks arrested a mini-run of increases – there was a net 975-tonne decline to 158,100 tonnes – with no metal warranted in Busan today. Aluminium remains flat at $1,925, while zinc gained $5 to $2,276, with stocks declining 675 tonnes to 661,850 tonnes, the lowest since December 2010 again. Lead is $3 lower at $2,186 with stocks unchanged for the fifth day in a row at 213,600 tonnes. Nickel is up $90 at $19,340, and Tin at $22,144 is up $119 from yesterday’s $22,050.
TRADING STRATEGY :
WTICRUDEOIL-NYMEX has closed @ 102.84. If it sustain above the level of 103.22, it can touch the level of 103.72 & 104.42 respectively. If it breaks the level of 102.02, it can touch the level of 101.52, 100.82 respectively.
- BUY CRUDEOIL-NYMEX ABOVE 103.22 TGTS 103.72, 104.42 SL 102.67.
- SELL CRUDEOIL-NYMEX BELOW 102.02 TGTS 101.52, 100.82 SL 102.57.