Daily Comex Commodity Report of 7 July 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

• Gold prices hit the highest levels of the session in North American trade on Thursday, after data showed that U.S. private employers added less jobs than expected last month, backing bets of a slower pace of interest rate hikes from the Federal Reserve. Comex gold futures were at $1,224.81 a troy ounce by 8:40AM ET (1240GMT), up $3.00, or around 0.3%. The yellow metal fell to the lowest since May 9 at $1,216.50 in the prior session. U.S. private employers added 158,000 jobs in June, well below economists' expectations, a report by a payrolls processor ADP showed on Thursday. Economists had expected the ADP nonfarm payrolls report to show a gain of 185,000 jobs. The ADP figures come ahead of the U.S. Labor Department's more comprehensivenonfarm payrolls report on Friday, which includes both public and private-sector employment. Meanwhile, market players continued to digest the latest minutes from the Fed's June policy meeting released on Wednesday, which showed a lack of consensus among policymakers over the outlook for inflation and how it could impact on the future pace of interest rate increases.

• A new report shows that the US government provided about $6 billion annually in financial support to the oil, gas, and coal industries between 2013 and 2015. That's over four times the amount that went to clean energy, which received $1.3 billion. The report, released July 5, is the product of research conducted by Oil Change International, Friends of the Earth, the Sierra Club, and the World Wildlife Fund's European Policy Office. Their goal was to parse out the amount of public financing — defined as grants, equity, loans, guarantees, and insurance from majority government-owned financial institutions— that various G20 countries have given to domestic and international energy production. Data came from Oil Change International's "Shift the Subsidies Database," which tracks public financial flow to fossil fuel industries from 2008 until the present. According to that database, the US provided $832 million annually to coal and $5 billion to oil and gas.

• U.S. natural gas futures recovered from a heavy fall in the prior session on Thursday, but stayed near the lowest level in around four months amid bearish weather forecasts that should limit demand for the fuel. U.S. natural gas for August delivery was at $2.883 per million British thermal units by 8:50AM ET (1250GMT), up 4.1 cents, or around 1.5%. It sank almost 4% on Wednesday to notch its fourth losing session in a row after sliding to the lowest level since March 7 at $2.832. Temperatures are likely to be mostly normal in the eastern third of the U.S. during the next two weeks, according to updated weather forecasting models, underlining concern over decreased summer demand in the weeks ahead. Prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on summer heating demand.

TRADING STRATEGY :

BUY GOLD ABOVE 1230 TGT 1235 1245 SL BELOW 1220
SELL GOLD BELOW 1220 TGT 1215 1205 SL ABOVE 1230

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