Daily Comex Commodity Report of 28 June 2017 by Epic Research
INTERNATIONAL COMMODITY NEWS
• Gold prices edged higher in North American trade on Tuesday, bouncing back from sharp losses a day earlier, as investors awaited data and key remarks from leading Federal Reserve members including Chair Janet Yellen. Comex gold futures were at $1,250.20 a troy ounce by 8:35AM ET (1235GMT), up $3.80, or around 0.3%. It fell to its lowest since May 17 at $1,236.50 in the prior session. Gold fell sharply Monday, with prices marking their first decline in four sessions, as a large sell order and a stronger dollar hit sentiment. Also on the Comex, silver futures ticked up 6.5 cents, or roughly 0.4%, to $16.63 a troy ounce, recovering from the prior session’s seven-week low of $16.22. Fed Chair Janet Yellen is due to speak about global economic issues at the British Academy’s 2017 President’s Lecture in London at 1:00PM ET (1700GMT). Audience questions are expected. Her comments will be monitored closely for any new insight on policy and the timing of when the Fed will next raise interest rates.
• OPEC will not rush into making a further cut in oil output or end some countries’ exemptions to output limits, OPEC delegates said, although a meeting in Russia next month is likely to consider further steps to support the market. OPEC and allied non-OPEC producers agreed on May 25 to extend an existing supply cut into 2018, but oil has fallen sharply then on rising production from the United States and from Nigeria and Libya, two OPEC members exempt from cutting output. [O/R] “I doubt it will be considered soon,” said an OPEC delegate, referring to the chance of a larger cut. “They will look at this issue most probably in the upcoming meeting in Russia in July.” Oil ministers from five countries monitoring the deal plus Saudi Arabia as OPEC president are scheduled to meet in Russia on July 24. They could make a recommendation to the wider group, which holds its next meeting in November, on adjusting the pact.
• U.S. natural gas futures rose to a more than one-week high on Tuesday, extending gains from the prior session amid bullish weather forecasts that should provide a boost in demand for the fuel. U.S. natural gas for August delivery was at $3.058 per million British thermal units by 9:25AM ET (1325GMT), up 0.9 cents, or around 0.3%. It rose to its highest since June 16 at $3.080 in overnight trade. Natural gas rallied almost 10.0 cents, or roughly 3.3%, on Monday, the biggest one-day gain since late February, as updated weather forecasting models pointed to increased summer demand in the weeks ahead. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on summer heating demand. Gas use typically hits a seasonal low with spring’s mild temperatures, before warmer weather increases demand for gas-fired electricity generation to power air conditioning. Nearly 50% of all U.S. households use gas for heating.
TRADING STRATEGY :
BUY GOLD ABOVE 1260 TGT 1265 1275 SL BELOW 1250
SELL GOLD BELOW 1240 TGT 1235 1225 SL ABOVE 1250
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