SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Gold prices gained 0.09 per cent on Monday as investors noted manufacturing data out of China at the weekend and looked ahead to a private estimate tomorrow. On Tuesday comes the closely-watched Caixin manufacturing PMI for April which last came in at 49.7.Markets in China are shut on Monday for a holiday. China April CFLP manufacturing index came in at 50.1 below expectations.

• Crude oil prices fell by 0.30 per cent on Monday as rising production in the Middle East outweighed a decline in US output and a recent slide in the dollar which has been supporting crude. The rising output from the Organization of the Petroleum Exporting Countries (OPEC) was outweighing supportive factors such as a decline in US output. Markets in China are shut on Monday for a holiday. China April CFLP manuacturing index came in at 50.1 below expectations.

• Lead prices fell by 0.37 per cent on Monday due to the surge in the lead stockpiles at the London Metal Exchange (LME) on account of the weak demand for the commodity. LME lead stocks rose by 75 metric tonnes to 175100 metric tonnes as on May 2 2016.At the MCX Lead futures for the May 2016 contract is trading at Rs 119.70 per kg down by 0.37 per cent after opening at Rs 120.45 against a previous close of Rs 120.15.

TRADING STRATEGY :
BUY GOLD ABOVE 1302 TGT 1307/1315 SL BELOW 1295
SELL GOLD BELOW 1291.50 TGT 1286/1278 SL ABOVE 1299

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