Bourse's attempts to reopen market hit by problems in orders and trade confirmation process

The longest trading disruption in the Singapore Exchange's (SGX) history was triggered by disk failure and a software application that did not detect the problem.

Compounding the situation, attempts to reopen the market last Thursday were stymied by problems in the orders and trade confirmation process, the SGX disclosed yesterday.

Trading was halted for over five hours that day after the discovery of a technical fault that resulted in some clearing messages not being generated and some trade confirmation messages being duplicated.

The hardware was supplied by computer giant and IT firm Hewlett- Packard (HP), while the software application was from United States stock exchange Nasdaq.

SGX chief executive Loh Boon Chye told reporters yesterday that the root cause was "a faulty disk that runs the applications that generates trade confirmation messages".

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Market highlights

1 Gold edged higher yesterday as European shares hit a one-week low after data that showed Britain's vote on European Union membership dented German business confidence.

2 Goldman Sachs posted a 74 per cent rise in second-quarter profit as legal costs fell and fixed-income revenue surpassed analyst estimates. Net income rose to US$1.82 billion (S$2.5 billion), Bloomberg reported.

3 DMX Technologies said Anken HR has filed a writ of summons in the Hong Kong court, claiming $55,000, the fee due Mr Daniel Kung, a former independent director. DMX will defend the claim.

4 Manufacturing Integration Technology expects a net loss for the six months to June 30 due to the weak global market and the weakening of the US dollar against the Singdollar.

5 Ornamental fish supplier Qian Hu said profit for the quarter ended June 30 was up 25 per cent to $15,000. Revenue fell 4.6 per cent to $19.1 million.

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Gasoline Market Update : Epic Research Singapore

On Nymex, futures prices for August gasoline RBQ6, +0.11%  ended at $1.376 a gallon, down 1.2 cents, or 0.8%, while August heating oil HOQ6, +0.04%  rose less than a cent to $1.384 a gallon.

August natural gas NGQ16, -0.40%  also added less than a penny to $2.728 per million British thermal units.

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Oil Market Update : Epic Research Singapore

Oil futures fell Tuesday, with the U.S. benchmark settling at a 10-week low.

Traders fretted over ample inventories of crude and petroleum products and the potential for a slowdown in energy demand on the back of a lower global economic outlook from the International Monetary Fund.

August West Texas Intermediate crude CLQ6, -0.04%  fell 59 cents, or 1.3%, to settle at $44.65 a barrel on the New York Mercantile Exchange, after losing 1.6% a day earlier. That’s the lowest close since May 9. The August WTI contract expires at Wednesday’s settlement, which often fuels trading volatility.

September Brent crude LCOU6, +0.06%  on London’s ICE Futures exchange fell 30 cents, or 0.6%, to end at $46.66 a barrel.

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Copper Market Update : Epic Research Singapore

On Comex Tuesday, September copper HGU6, -1.04% rose 2.6 cents, or 1.2%, to $2.263 a pound. October platinum PLV6, -0.56%  fell $3, or 0.3%, to $1,098.60 an ounce. September palladium PAU6, -0.20% added $10.35, or 1.6%, to $656.40 an ounce.

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Gold Market Update : Epic Research Singapore

Gold futures tiptoed higher in subdued action Tuesday, notching their best settlement in almost a week as some a pull back in U.S. stocks helped to support haven demand.

Gold has generally maintained its uptrend, but has been tracking stocks recently. Equities were trading mostly lower Tuesday by the time gold prices settled.

August gold GCQ6, +0.02%  rose $3, or 0.2%, to settle $1,332.30 an ounce—the highest settlement since last Wednesday. Prices of gold rose 0.1% on Monday, after falling some 2% last week amid stock-market gains and Bank of England inaction on interest rates. Still, over the previous six weeks, gold had settled higher weekly for a cumulative gain of nearly 12%.

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Gasoline Market Update : Epic Research Singapore

Back on Nymex, prices for refined oil products also ended lower. August gasoline RBQ6, +0.06%  fell 3.5 cents, or 2.5%, to $1.387 a gallon and August heating oil HOQ6, +0.07%  settled at $1.378 a gallon, down 2 cents, or 1.4%.

August natural gas NGQ16, +0.59%  fell 3.4 cents, or 1.2%, to $2.722 per million British thermal units.

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Oil Market Update : Epic Research Singapore

Oil futures settled lower on Monday, losing more than 1% as traders dismissed worries of supply disruptions from the attempted coup in Turkey.

August West Texas Intermediate crude CLQ6, -0.42%  fell 71 cents, or 1.6%, to settle at $45.24 a barrel on the New York Mercantile Exchange. It had traded as high as $46.14 overnight, according to FactSet. September Brent crude LCOU6, -0.32%  on London’s ICE Futures exchange declined by 65 cents, or 1.4%, to $46.96 a barrel.

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Silver Market Update : Epic Research Singapore

On Comex, September silver SIU6, -0.45% ended down 9 cents, or 0.5%, at $20.075 an ounce, but prices were still up about 7.8% month to date. Unlike gold, the white metal finished with a seventh week of gains on Friday. Silver futures midweek had settled near a two-year high due to both haven and industrial-use demand.

September copper HGU6, -0.11% rose less than half a cent to $2.237 a pound. October platinum PLV6, -0.46%  added $7.20, or 0.7%, to $1,101.60 an ounce. September palladium PAU6, -0.53% shed $1.35, or 0.2%, to $646.05 an ounce.

Among the exchange-traded funds, the SPDR Gold Trust GLD, +0.16%  traded nearly flat, while the VanEck Vectors Gold Miners ETF GDX, +0.37%  lost 0.4%.

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Gold Market Update : Epic Research Singapore

Gold futures settled narrowly higher on Monday, taking back some of last week’s decline, with investors showing caution after a failed weekend coup in Turkey.

Prices suffered a loss of 2.3% last week, their first weekly loss in nearly two months as record-high U.S. stocks and the Bank of England’s pass, for now, on cutting interest rates lured investors into riskier markets away from nonyielding gold.

“A coup attempt in Turkey late Friday that was quickly quashed, but not without violence, has not had a serious impact on the world marketplace,” said Jim Wyckoff, senior technical metals analyst at Kitco. “Traders and investors reckon the matter was an isolated incident.”

The city of Ankara shut down the coup attempt, but Turkish stocks fell sharply Monday and its currency, the lira USDTRY, +0.2015% weakened. That helped to underpin demand for gold.

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Silver Market Update : Epic Research Singapore

Meanwhile, September silver SIU6, -0.13% which has tended to uncouple from gold in recent sessions, eased 15.7 cents, or 0.8%, to settle at $20.165 an ounce, but, unlike gold, finished with a seventh week of gains, rising 0.3%.

Silver futures pulled back in Thursday trading after settling near a two-year high on Wednesday due to both haven and industrial-use demand.

September copper HGU6, -0.45%  fell 1 cent to settle at $2.234 a pound, up about 5.5% for the week. October platinum PLV6, -0.51%  shed $10.20, or 0.9%, to settle at $1,094.40 an ounce, with prices down 0.6% for the week. September palladium PAU6, -0.15%  settled at $647.40 an ounce, down $3.70, or 0.6%. It was ready to notch a weekly gain of 4.9%.

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Gold Market Update : Epic Research Singapore

Gold futures snapped a six-week rally Friday, posting their first weekly loss in almost two months, as the world reacted to another gruesome terror attack in France.

August gold GCQ6, +0.41%  shed $4.80, or 0.4%, to settle at $1,327.40 an ounce on Friday, for a 2.3% drop on the week. Over the previous six weeks, gold had settled higher on a weekly basis for a cumulative gain of nearly 12%.

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Gasoline Market Update : Epic Research Singapore

On Nymex Thursday, August gasoline RBQ6, -0.60%  climbed 3.6 cents, or 2.6%, to $1.414 a gallon and August heating oil HOQ6, -0.43%  finished up 2.6 cents, or 1.9%, to $1.406 a gallon.

August natural gas NGQ16, -0.07%  fell a penny, or 0.4%, to settle at $2.727 per million British thermal units after the U.S. Energy Information Administration reported that supplies of the commodity rose 64 billion cubic feet for the week ended July 8. Analysts polled by S&P Global Platts expected an average rise of 60 billion cubic feet.

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Oil Market Update : Epic Research Singapore

Oil futures settled higher on Thursday to recoup nearly half of what they lost a day earlier, as traders held out hope that the recent price declines will help keep crude production at bay.

The dollar-denominated commodity also got an added boost after the Bank of England’s surprise decision to leave its key interest rate at a record low lifted the British pound GBPUSD, +0.8243% putting some pressure on the U.S. dollar.

August West Texas Intermediate crude CLQ6, -0.53%  rose 93 cents, or 2.1%, to settle at $45.68 a barrel on the New York Mercantile Exchange. Week to date, it has gained about 0.6% but was down nearly 6% for the month so far. September Brent crude LCOU6, -0.46%  on London’s ICE Futures exchange rose $1.11, or 2.4%, to end at $47.37 a barrel.

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Platinum Market Update : Epic Research Singapore

Elsewhere in metals, October platinum PLV6, -0.06%  rose $4.40, or 0.4%, to $1,104.60 an ounce, while September palladium PAU6, +0.28% edged up $6.90, or 1.1%, to $651.10 an ounce. September copper HGU6, +0.02%  added less than half a cent to $2.243 a pound.

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Gold Market Update : Epic Research Singapore

Gold futures finished with a loss on Thursday, their fifth in six sessions, as global equities mostly climbed after the Bank of England surprised investors by opting not to cut benchmark interest rates.

Some analysts expected a rate cut in the wake of the U.K.’s decision to exit the European Union.

August gold GCQ6, -0.22%  fell $11.40, or 0.9%, to settle at $1,332.20 an ounce. Prices gained 0.6% on Wednesday after a four-session decline.

September silver SIQ6, -0.36%  eased by 9.1 cents, or 0.5%, to $20.322 an ounce. Silver futures settled near a two-year high on Wednesday.

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SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Aluminium futures were trading higher during the afternoon trade in the domestic market on Wednesday as speculators widened their bets amid increase in physical demand for aluminium in the domestic spot market after improving risk appetite on stronge US jobs data and hopes of more monetary stimulus from the central banks.

• Copper futures jumped by more than 1.5 per cent during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the industrial metal as expectations of global economic stimulus and geographical uncertainty surrounding the South China Sea after an international tribunal’s ruling that China had no territorial claims to it boosted the demand for the raw material.

• Silver futures rallied by more than 1 per cent during noon trade in the domestic market on Wednesday as investors and speculators booked fresh positions in the precious metal tracking a bullish trend in the overseas market amid speculation of increased policy losing across the globe in the wake of Brexit bolstering the lure for the bullion a hedge against the inflationary risk of monetary stimulus.

TRADING STRATEGY :
BUY GOLD ABOVE 1344 TARGET 1349 1355 SL BELOW 1339
SELL GOLD BELOW 1336 TARGET 1331 1325 SL ABOVE 1341

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info@epicresearch.sg

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Natural Gas Market Update : Epic Research Singapore

Back on Nymex, August natural gas NGQ16, +0.69%  ended at $2.737 per million British thermal units, up less th an half a cent ahead of the EIA’s Thursday update on the commodity’s supplies.

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Oil Market Update : Epic Research Singapore

Oil futures fell more than 4% Wednesday, giving up just about all of their gains from a day earlier, after a government report revealed that U.S. output edged higher in the latest week, and supplies of gasoline and distillates saw sizable gains.

The report from the Energy Information Administration also showed that crude stockpiles fell a bit less than some analysts expected.

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Platinum Market Update : Epic Research Singapore

Elsewhere in metals, October platinum PLV6, -0.16%  added $2.30, or 0.2%, to $1,100.20 an ounce, while September palladium PAU6, +0.17%  gained $15.25, or 2.4%, to $644.20 an ounce.

September copper HGU6, +0.07%  added 2.7 cents, or 1.2%, to end at $2.24 a pound.

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