SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Crude oil prices rose by 0.24 per cent on Wednesday on heavy short covering after suffering one of its worst single-day sessions on the calendar year as investors continued to react to devastating wildfires in Canada and widespread changes in the leadership structure of Saudi Arabia’s leading state-run oil company.Traders continued to monitor the catastrophic fires in Canada where estimates of the number of barrels being forced offline from the firestorms continued to rise.

• Gold prices rose by 0.70 per cent on Wednesday as investors continued to monitor movements in the US dollar. The greenback fell as investors locked in gains following its steep rise after continued comments about possible intervention by the Japanese government. Dollar weakness usually benefits gold as it boosts the metal’s appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.

• The correction last evening was not as eventful as Monday in Copper prices. June futures closed at Rs 312.15, down
  0.32%. The data from China’s National Statistics Bureau said its Consumer Price Index for April rose 2.3% on an annual basis, slightly lower than consensus estimates of 2.4% and in line with March’s reading.The prices from last few days have been under severe threat first by the Chinese import numbers and now the news of Freeport selling its key Copper business.

TRADING STRATEGY :
BUY GOLD ABOVE 1280 TARGET 1285 1292 SL 1273
SELL GOLD BELOW 1270 TARGET 1265 1658 SL1275

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