SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Oil prices slid on Thursday after U.S. crude hit 2016 highs the day before and Brent shot back over $40 per barrel. But analysts warned that larger gains would be unlikely as a global glut continues to outweigh strong demand. Prices rose as much as 5% on Wednesday, as a big gasoline inventory drawdown overshadowed record-high crude stockpiles. But analysts warned that a global crude production overhang of over 1 million barrels per day showed few signs of abating.

• Copper futures prices slipped by 0.63 per cent on Thursday at the Multi Commodity Exchange (MCX) as participants trimmed their bets as rise in Chinese consumer inflation dented hopes of further monetary policy easing in the economy of the world’s biggest metals consuming nation clouding demand prospects.

• Silver futures fell during noon trade in the domestic market on Thursday tracking weakness in the precious metal internationally as a rally in most Asian equities and higher oil prices eroded investment appeal while a stronger dollar curbed the lure for Silver as an alternative asset.Stronger greenback makes silver more expensive for those holding other currencies thus dimming demand.

TRADING STRATEGY :
BUY GOLD APR ABOVE 1263 TARGET 1268 1274 SL 1258
SELL GOLD APR BELOW 1254 TARGET 1249 1243 SL 1259

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