SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Crude oil prices held onto overnight gain in Asia on Tuesday with U.S. industry estimates on stockpiles ahead. The American Petroleum Institute will release its estimates of U.S. crude and refined product stocks at the end of last week on late Tuesday to be followed by more closely-watched data from the U.S. Department of Energy on Wednesday.

• Gold fell in Asia on Tuesday with markets in China shut for holidays and attention on Federal Reserve minutes from the September meeting this week. On the Comex division of the New York Mercantile Exchange, gold for December delivery eased 0.17% to  $1,135.70 a troy ounce. An interest rate hike is viewed as bearish for gold, which struggles to compete with high -yield bearing assets in rising rate environments. gold futures inched down on Monday amid a relatively flat dollar, as a wave of disappointing economic indicators exacerbated fears of a global recession. The poor readings come in the wake of a downbeat U.S. national employment report on Friday, which bolstered dovish sentiments for a delayed interest rate hike by the Federal Reserve.

• Copper was flat on Tuesday as a week-long holiday in China blunted interest, while comments by the chief of commodities giant Glencore flagging looming supply cuts failed to spur buying.Copper prices have revived from August’s six-year lows below $5,000 a tonne after a string of supply cuts by producers such as Glencore.”China demand has already improved, you have seen a massive decline in bonded inventories, and tenders from the electrical grids have picked up. Wire rod and mill purchases have also increased.”

TRADING STRATEGY :
BUY GOLD ABOVE 1139 TARGET 1144 1151 SL 1134
SELL GOLD BELOW 1132 TARGET 1127 1121 SL 1138

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