SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Copper futures tumbled by more than 1 per cent during late morning trade in the domestic market on Wednesday as investors and speculators exited positions in the industrial metal after data showed that manufacturing activity in China the world’s biggest metals consumer continued to contract in May signaling a worsening economic slowdown in the country darkening the demand outlook for the metal.

• Gold prices rose with investors noting mixed China PMI estimates. The Caixin manufacturing PMI came in at 49.2 below the 49.3 expected and down from the previous 49.4. Earlier in China the semi-official CFLP manufacturing PMI for May came in a bit higher than expected at 50.1 unchanged from the previous month.The non-manufacturing PMI for May came in at 53.1 down from 53.5 the previous month.

• Crude oil prices fell as production from the major Middle East exporters was expected to remain high or even increase. Traders said that the dips were a result of the prospect of rising output from Middle East members of the Organization of the Petroleum Exporting Countries (OPEC) which meets this week in Vienna to discuss its market policy which most analysts say will continue to focus on defending market share instead of propping up prices by controlling output.

TRADING STRATEGY :
BUY GOLD ABOVE 1223 TARGET 1228 1234 SL 1218
SELL GOLD BELOW 1213 TARGET 1208 1202 SL 1218

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