SGX Comex Recommendations : Epic Research Singapore

INTERNATIONAL COMMODITY NEWS :

• Copper futures plunged by more than 1 per cent during noon trade in the domestic market on Monday as investors and speculators exited positions in the industrial metal as dismal China trade data underlined concerns over the health of the world’s second biggest economy clouding the demand outlook for copper.Chinese exports fell 1.8 per cent in dollar terms in April and imports suffered an 18th straight month of decline.

• Gold prices fell by 0.75 per cent on Monday even as the Bank of Japan minutes saw some board members down-beat on hitting the inflation target within the current forecast suggesting continued easy policy. The Bank of Japan published the minutes of its April policy meeting showing some numbers expect the target date for 2 per cent sustained inflation may need to be pushed back.

• Crude oil prices rose by 1.71 per cent on Monday as supply outages persisted over the weekend from Canada’s    wildfires that have shut half the country’s vast oil sands capacity. Cooler weather light rain and winds opposed to the direction of flames helped control the advance of the blaze that razed Alberta’s oil sands boomtown Fort McMurray. Yet energy firms such as Statoil and Husky Statoil shut their facilities in the area as a precaution.

TRADING STRATEGY :
BUY GOLD ABOVE 1280 TARGET 1285 1291 SL 1275
SELL GOLD BELOW 1277 TARGET 1272 1266 SL 1282

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