Daily Comex Report of 4 April 2018 by Epic Research

International Commodity News

Gold prices moved lower on Tuesday, trimming some of the previous day’s gains as traders crept back into risk assets and U.S. stocks attempted to recoverfrom Monday’s selloff, dampening safe haven demand for bullion. Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were last down by $11.60, or around 0.8%, to $1,335.30 a troy ounce at 10:44AM ET (14:44GMT). The precious metal had pocketed gains of around 1.5% a day earlier as investor sentiment was hit by a selloff in tech shares that sent Wall Street tumbling and resurgent worries over a trade war. Investors tend to seek out gold as a store of value during times of political or economic uncertainty. U.S. equities struggled to recover those losses on Tuesday with the Dow leading the rebound. Market participants remained cautious on Tuesday as fears of an all-out trade war between China and the U.S. continued to center investors’ attention. Beijing on Monday slapped additional tariffs of up to 25% on about $3 billion worth of U.S. products in response to new U.S. duties on aluminum and steel imports.

Natural gas futures steadied on Tuesday, one day after suffering their biggest one-day drop in nearly three weeks amid speculation the start of spring will bring warmer temperatures throughout the U.S. and cut into demand for the fuel. Frontmonth U.S. natural gas futures ticked up 0.3 cents, or less than 0.1%, to $2.686 per million British thermal units (btu) by 8:50AM ET (1250GMT). The commodity sank roughly 1.8% on Monday as a mild early-spring outlook weighed. Spring usually sees the weakest demand for natural gas in the U.S, as the absence of extreme temperatures curbs demand for heating and air conditioning. The heating season from November through March is the peak demand period for U.S. gas consumption.

The Mexico economy ministry said on Tuesday it has formally imposed anti-dumping duties on imports of carbon steel pipe from South Korea, Spain, India and the Ukraine after completing an investigation into "unfair" trade practices. The investigation came at the request of a company and covered an analysis of the period from April 2013 to March 2016, the ministry said in a statement in the government's official gazette. Mexico has imposed duties in recent years on steel products from several countries after local steelmakers announced cuts in thousands of jobs in 2015 and canceled investments. Recently, Mexico's economy ministry imposed anti-dumping duties in March on imports of carbon steel pipe from China.

Trading Strategy:

BUY GOLD ABOVE 1335 TGT 1340 1350 SL BELOW 1325
SELL GOLD BELOW 1325 TGT 1320 1310 SL ABOVE 1335

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