Daily Comex Commodity Report of 10 July 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

• Gold prices slumped to a four-month low, after data on Friday showed an improvement in the U.S. labor market, fuelling expectations that the Federal Reserve will keep to its plan to increase interest rates at least once more this year. Gold futures for August delivery on the Comex division of the New York Mercantile Exchange fell by $3.08, or 0.25%, to $1,245.01 a troy ounce. The Bureau of Labor Statistics reported Friday, nonfarm payrolls grew by 222,000 in June, well above expectations of a 179,000 increase, but the unemployment rate fell to 4.4%, a notch above analysts’ forecasts of 4.3%. Average hourly earnings were up 2.5 per cent year-overyear missing economists’ forecasts for a 2.6 per cent increase. The latest batch of mostly upbeat jobs data, fuelled expectations that the Fed would continue with its plan to hike rates later this year, spurring an uptick in both the dollar and bond yields while decreasing demand for the precious metal.

• Oil prices fell more than 2.5 percent on Friday after data showed U.S. production and rig counts rose last week just as OPEC exports hit a 2017 high, casting doubt over efforts by producers to curb global oversupply. Benchmark Brent futures (LCOc1) were down $1.36, or 2.8 percent, to $46.75 a barrel at 1:35 p.m. EDT (1735 GMT), after falling to $46.28, the lowest in more than a week. U.S. West Texas Intermediate (WTI) crude futures (CLc1) traded down $1.28, or 2.8 percent, at $44.24 a barrel, after falling to $43.78. After rising earlier in the week, both benchmarks were headed to weekly drops of more than 2.5 percent, a sixth weekly decline in the past seven. "The stream of relentless supply continues," said Matt Smith, director of commodity research at Clipperdata. He noted OPEC exports were 2 million barrels a day higher in June than in 2016, despite a May extension of a 1.8 million barrel a day production cut led by the Organization of the Petroleum Exporting Countries.

• U.S. Interior Secretary Ryan Zinke on Thursday signed an order to hold more lease sales and to speed up approving permits to explore for oil and gas on federal land, a process he said got bogged down under former President Barack Obama. The order is the latest move by the administration of President Donald Trump to make it easier to drill and mine on federal land, which Zinke said is a source of income for the government. The Interior Department's Bureau of Land Management is supposed to take 30 days to review applications for permits to drill but Zinke said the average time for processing in 2016 was 257 days. "I'm directing the BLM to conduct quarterly lease sales and address these permitting issues," Zinke said in a statement. "We are also looking at opportunities to bring support to our front line offices who are facing the brunt of this workload." There were 2,802 permit applications pending as of Jan. 31, with three quarters of them filed in five field offices in Wyoming, Utah, North Dakota and New Mexico.

TRADING STRATEGY :

BUY GOLD ABOVE 1230 TGT 1235 1245 SL BELOW 1220
SELL GOLD BELOW 1210 TGT 1205 1195 SL ABOVE 1220

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