SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Gold futures were higher in European trade on Thursday, as market players looked ahead to a raft of speeches from Federal Reserve officials later in the day to judge the balance of opinion among policymakers on the prospect of further rate hikes.St. Louis Fed President James Bullard is due to speak at 15:30GMT, or 11:30AM ET, at Santa Barbara County’s Economic Summit.

• A huge wildfire near Canada’s oil sands region and escalating tensions in Libya stoked concern among investors over a near-term supply shortage, driving crude prices up for the first time in a week on Thursday.Brent crude futures (LCOc1) rose $1.19 on the day to $45.81 a barrel by 0845 GMT, while U.S. West Texas Intermediate (WTI) futures (CLc1) rose $1.45 to $45.23.

• WTI Crude oil futures are lingering around $45 per barrel mark as steady buying has emerged in the counter after a sharp tumble on Monday. US inventories stay around record highs even as crude output is falling. Oil traders also seem to be eyeing the firmness in gasoline demand ahead of the peak driving season.MCX Crude oil futures ended just above Rs 2900 per barrel yesterday and should see a positive opening following the recovery in global prices.

TRADING STRATEGY :
BUY GOLD ABOVE 1283.5 TARGET 1288.5 1294.5 SL BELOW 1278.5
SELL GOLD BELOW 1274.5 TARGET 1269.5 1263.5 SL ABOVE 1279.5

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