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Daily Comex Report of 25 April 2018 by Epic Research

04-25-2018 10:01 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Epic Research

International Commodity News

Gold prices pulled away from two-week lows on Tuesday, but struggled to make headway as a stronger dollar continued to weigh on demand for bullion. Gold futures for June delivery on the Comex division of the New York Mercantile Exchange were up $3.80 or 0.29% to $1,328.00 a troy ounce by 04:34 AM ET (08:34 AM GMT). Gold plumbed a two-week low of $1,323.80 on Monday and ended the day down 0.64%. Prices remained under pressure from the broadly stronger dollar, which was holding steady near seven week highs against a basket of the other major currencies, boosted by rising Treasury yields. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, hit a high of 90.84, its highest since March 1 and was last at 90.77.

Crude prices continued higher on Tuesday, as investors looked ahead to fresh data on U.S. commercial crude inventories to gauge the strength of demand in the world’s largest oil consumer and how fast output levels will continue to rise. Industry group the American Petroleum Institute is due to release its weekly report at 4:30PM ET (2030GMT). Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock drop of around 2.6 million barrels. New York-traded West Texas Intermediate crude futures tacked on 53 cents, or roughly 0.8%, to $69.17 a barrel by 4:05AM ET (0805GMT), not far from last Thursday's peak of $69.56, which was the highest since Nov. 28, 2014. Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., ticked up 39 cents, or around 0.5%, to $75.11 a barrel. The global benchmark climbed as high as $75.27 earlier in the session, a level not seen since Nov. 27, 2014.

Three cargoes of sorghum from the United States bound for China have switched destinations to Saudi Arabia after being sold to a private buyer, a Middle East-based trading source with knowledge of the matter said on Tuesday. Thomson Reuters Eikon ship-tracking data showed a vessel carrying 69,842 tonnes of sorghum switch destinations to Dammam, Saudi Arabia from China earlier in the day. The three cargoes were sold to Saudi Arabia at a price of $190 a ton delivered, trade sources told Reuters. The BTG EIGER departed with U.S. sorghum from Archer Daniels Midland Co's Corpus Christi grain elevator in Texas on March 3, according to the U.S. Department of Agriculture's (USDA) Federal Grains Inspection Service. (GRAPHIC: Vessel bound for China carrying U.S. sorghum switches destination to Saudi Arabia Several ships carrying U.S. sorghum to China have changed course since Beijing slapped hefty anti-dumping deposits on U.S. imports of the grain last week, trade sources and a Reuters analysis of export and shipping data showed.

Trading Strategy:

BUY GOLD ABOVE 1330 TGT 1335 1345 SL BELOW 1320
SELL GOLD BELOW 1320 TGT 1315 1305 SL ABOVE 1330

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