SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Copper futures rose during morning trade in the domestic market on Tuesday amidst firm physical demand for the industrial metal in the domestic spot market. However the gains in the metal were restricted by worries over global growth as manufacturing in the US tumbled to the lowest level since September 2009 with the Markit Manufacturing PMI falling to 50.5 in May from 50.8 in April a tad above the neutral 50-mark.

• Gold prices fell by 0.11 per cent on Tuesday as comments from Federal Reserve officials added to expectations that a rate hike could come as soon as June. The latest signal came from Philadelphia Federal Reserve Bank President Patrick Harker who said that two to three rate hikes are possible this year if the economy continues to grow as projected.

• Crude oil prices rose by 0.15 per cent on Tuesday after Germany’s gross domestic product rose in the last quarter signaling bullish sentiment in the region which raised the demand outlook for the fuel. In a report Statistisches Bundesamt Deutschland said that German GDP rose by a seasonally adjusted 0.7 per cent the same as the preceding quarter. Analysts had also expected German GDP to rise 0.7 per cent in the last quarter.

TRADING STRATEGY :
BUY GOLD ABOVE 1247 TARGET 1252 1258 SL 1242
SELL GOLD BELOW 1240 TARGET 1235 1229 SL 1245

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