Daily Comex Commodity Report of 13 July 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

• Gold prices rose to the highest levels of the session in North American trade on Wednesday, as traders digested prepared remarks from Federal Reserve Chair Janet Yellen. Comex gold futures were at $1,223.24 a troy ounce by 9:05AM ET (1305GMT), up $8.90, or around 0.7%, after touching a session peak of $1,224.93. Prices settled with a modest gain for a second-straight session on Tuesday. In prepared remarks released before her testimony to the House Financial Services committee, Yellen said the Fed remains on track to both raise interest rates and begin shrinking its balance sheet before the end of the year, despite low inflation. She added that the rate increases and balance sheet reduction would be gradual. The Fed hiked rates at its June meeting and stuck to its forecast for one more rate hike this year, but the subdued inflation outlook has since raised doubts over whether the U.S. central bank will be able to stick to its planned tightening path. Futures traders are pricing in around a 40% chance of a hike by the end of the year, according to Investing.com’s Fed Rate Monitor Tool.

• OPEC said on Wednesday its oil production jumped in June and forecast world demand for its crude will decline next year as rivals pump more, pointing to a market surplus in 2018 despite an OPEC-led output cut. Giving its first 2018 forecasts in a monthly report, the Organization of the Petroleum Exporting Countries said the world will need 32.20 million barrels per day (bpd) of crude from its members next year, down 60,000 bpd from this year. OPEC said its oil output in June rose above the demand forecast, led by gains in Libya and Nigeria, two members exempt from the cut aimed at eliminating excess supply. OPEC officials nonetheless remain upbeat on the outlook.

• U.S. natural gas futures were lower on Wednesday, falling for the first time in three days, as investors cashed out of the market to lock in gains from a recent rally which took prices to the strongest level in almost two weeks. U.S. natural gas for August delivery was at $2.994 per million British thermal units by 9:35AM ET (1335GMT), down 5.3 cents, or around 1.7%. It touched its highest since June 29 at $3.053 in the prior session. Natural gas jumped about 4% on Tuesday, adding to a gain of 2.3% on Monday, as updated weather forecasting models continued to point to increased summer demand in the coming weeks. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on summer heating demand. Gas use typically hits a seasonal low with spring's mild temperatures, before warmer weather increases demand for gas-fired electricity generation to power air conditioning. Nearly 50% of all U.S. households use gas for heating.

TRADING STRATEGY :

BUY GOLD ABOVE 1230 TGT 1235 1245 SL BELOW 1220
SELL GOLD BELOW 1205 TGT 1200 1190 SL ABOVE 1215

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