SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Oil rose further above $50 a barrel on Wednesday supported by an industry report that showed a large drop in U.S. crude inventories and a boost in investor risk appetite ahead of Britain’s referendum on EU membership.U.S. crude inventories fell by 5.2 million barrels, the American Petroleum Institute (API) said on Tuesday, far more than analysts expected.

• Gold futures extended losses from the prior session in European trade on Wednesday, falling to the lowest level in almost two weeks as investors looked ahead to Thursday’s highly-anticipated referendum on whether Britain will choose to remain in the European Union. Gold for August delivery on the Comex division of the New York Mercantile Exchange fell to an intraday low of $1,263.80 a troy ounce, the weakest since June 9.

• U.S. natural gas futures rose to a new nine-month high on Tuesday, as forecasts for continued above-normal temperatures across most parts of the U.S. throughout most of summer raised expectations for power generation demand to meet air conditioning needs. Updated forecasts released Monday said temperatures in the Midwest and eastern seaboard will be warmer than previously expected going into the July 4 holiday weekend.

TRADING STRATEGY :
BUY GOLD ABOVE 1270 TARGET 1275 1281 SL 1265
SELL GOLD BELOW 1260 TARGET 1255 1249 SL 1265

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