Daily Comex Commodity Report of 25 July 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

• Gold prices rose to their highest level in around a month in North American trade on Monday, ahead of a busy week of economic events, including a Federal Reserve policy decision and U.S. second quarter growth data. In recent trading, Comex gold was at $1,258.03 a troy ounce by 8:40AM ET (1240GMT), up $3.20, or around 0.3%. It touched its highest since June 26 at $1,258.60 earlier in the session. Futures notched their sixth gain in a row on Friday, matching the streak of wins logged through May 17. Prices of the yellow metal logged a gain of more than 2% last week, as ongoing political turmoil in the White House and weakness in the U.S. Dollar spurred haven demand for the precious metal. In the coming week, global financial markets will focus on the outcome of Wednesday'sFederal Reserve policy meeting for any new insight on the timing of the next U.S. rate hike and clues on how the central bank plans to pare back its massive balance sheet. There are also several key U.S. economic reports, with the biggest being second quarter GDP due on Friday.

• Oil rose on Monday, erasing early losses after leading OPEC producer Saudi Arabia pledged to cut its exports to help speed the rebalancing of global supply and demand. Saudi Energy Minister Khalid al-Falih said his country would limit crude oil exports at 6.6 million barrels per day (bpd) in August, almost 1 million bpd below levels a year ago. Brent September crude futures (LCOc1) were up 44 cents on the day at $48.50 a barrel by 1313 GMT, having risen from a session low of $47.68. NYMEX crude for September delivery (CLc1) rose 39 cents to $46.16. "This is the Saudis saying they view the current market conditions as too weak and they are actually delivering," said SEB commodity strategist Bjarne Schieldrop. "It shows real additional willingness on their part to do something, which is hugely important, rather than sitting back and letting OPEC motions roll forward. They're acting unilaterally and adding pressure." Falih also said the Organization of the Petroleum Exporting Countries and non-OPEC partners were committed to extending their existing 1.8 million bpd supply reduction deal beyond next March if necessary but would demand that any non-compliant nations stick to the agreement.

• U.S. natural gas futures fell to a two-week low on Monday, amid bearish weather forecasts that should limit demand for the fuel. U.S. natural gas for September delivery was at $2.921 per million British thermal units by 9:15AM ET (1315GMT), down 4.1 cents, or around 1.4%. It fell to its lowest since July 10 at $2.910 earlier in the session. Prices ended lower for the second day in a row on Friday. It saw a drop of roughly 0.4% last week. A weather system with powerful thunderstorms and cooling will sweep across the Ohio Valley and Northeast through July 30 to ease national demand, according to updated weather forecasting models. Natural gas prices have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on summer cooling demand.

TRADING STRATEGY :

BUY GOLD ABOVE 1260 TGT 1265 1275 SL BELOW 1250
SELL GOLD BELOW 1240 TGT 1235 1225 SL ABOVE 1250

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