Daily Comex Commodity Report of 11 August 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices extended gains on Thursday, hitting their highest levels of the session after data showed that U.S. producer prices unexpectedly fell in July, recording their biggest drop in nearly a year. Comex gold futures rose to a daily peak of $1,291.20 a troy ounce, a level not seen since June 8. It was last at $1,290.45 by 9:05AM ET (1305GMT), up $11.10, or around 0.9%. The Labor Department said its producer price index slipped 0.1% last month, reversing June's 0.1% gain. July's drop was the largest since August 2016. In the 12 months through July the PPI increased 1.9% after rising 2.0% in the year through June. Economists had forecast the PPI ticking up 0.1% last month and climbing 2.2% from a year ago. The unexpected drop in producer prices backed bets of a slower pace of interest rate hikes from the Federal Reserve. Gold has been well-supported in recent weeks as fading expectations for a third Fed rate hike this year due to weak inflation combined with deepening political turmoil in the White House boosted the appeal of the precious metal.

OPEC forecast higher demand for its crude in 2018 on Thursday due to rising global consumption, and pointed to signs of a stronger oil market that suggest an OPEC-led production cut is getting rid of price-sapping excess supply. In a monthly report, the Organization of the Petroleum Exporting Countries said the world would need 32.42 million barrels per day (bpd) of its oil next year, up 220,000 bpd from the previous forecast. OPEC also said physical oil markets in Europe and West Africa had firmed and that an increase in the price of Brent crude oil for immediate delivery compared to later supplies indicated the glut was easing. "The entire forward curve has flattened for Brent amid some bullish indicators in the physical market," OPEC said. "Crude differentials strengthened notably for a range of key grades in the Mediterranean, North Sea and West African markets.

Oil prices continued higher on Thursday, rising to the strongest level in almost three months amid growing optimism that the market was starting to rebalance. The U.S. West Texas Intermediate crude September contract was at $50.16 a barrel by 8:50AM ET (1250GMT), up 60 cents, or around 1.2%. It rose to an intraday peak of $50.22, the most since August 1, when prices touched a three-month high of $50.43. Elsewhere, Brent oil for October delivery on the ICE Futures Exchange in London tacked on 83 cents, or about 1.6%, to $53.53 a barrel. It touched its highest since May 25 at $53.63 earlier in the session. Sentiment was boosted after the Organization of the Petroleum Exporting Countries forecast higher demand for its oil in 2018 due to rising global consumption and slower supply growth from rivals.

TRADING STRATEGY :

BUY GOLD ABOVE 1295 TGT 1300 1310 SL BELOW 1275
SELL GOLD BELOW 1280 TGT 1275 1265 SL ABOVE 1300

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