Daily Comex Commodity Report of 14 August 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices continued to climb on Friday, as geopolitical tensions between the U.S. and North Korea kept safe-haven demand elevated while data showing July inflation undershot expectations, lessened the prospect of a rate hike this year. Gold futures for December delivery on the Comex division of the New York Mercantile Exchange rose $3.40, or 0.26%, to $1,293.37 a troy ounce. U.S. President Donald Trump issued a new threat to North Korea, saying American weapons were "locked and loaded" as Pyongyang accused him of driving the Korean Peninsula to the brink of nuclear war. Trump’s latest salvo to threats from North Korea, stoked investor demand for safe-haven gold, lifting gold prices to its biggest weekly gain in four months.

Crude futures settled higher on Friday, but posted a weekly loss as investor sentiment soured on oil prices this week, following data showing Opec output increased in July as its members failed to adhere to output limits set out in the global deal to curb production. On the New York Mercantile Exchange crude futures for September delivery rose 23 cents to settle at $48.82 a barrel, while on London's Intercontinental Exchange, Brentadded $0.10 to trade at $52 a barrel. The International Energy Agency said OPEC's compliance with the cuts in July had fallen to 75%, the lowest since the cuts began in January. That despite the group’s pledge to increase compliance levels. In May, Opec producers agreed to extend production cuts for a period of nine months until March, but stuck to production cuts of 1.2 million bpd agreed in November last year. The bearish compliance data comes a day after Opec released its monthly report, showing production from the group rose further in July, as exempt producers – Nigeria and Libya – and top exporter Saudi Arabia increased output.

Chinese aluminum prices have skyrocketed amid a crackdown on overcapacity, but traders say final demand is weak and cuts may not be as big as expected. Trading data shows some are bracing for a correction. China, the world's largest producer of the metal, is forcing illegally built plants to close and pursuing others that have not met environmental targets as it pushes to clear its skies and shore up loss-making industries. Analysts see 3-4 million tonnes of smelting capacity closures this year, equal to about a tenth of China's production. Just last month, China's top aluminum region Shandong ordered 3.2 mln tonnes offline. Expectations of a supply shortfall have seen aluminum prices on the Shanghai Futures Exchange (SHFE) skyrocket 16 percent since Aug. 1.

TRADING STRATEGY :

BUY GOLD ABOVE 1300 TGT 1305 1315 SL BELOW 1290
SELL GOLD BELOW 1290 TGT 1285 1275 SL ABOVE 1300

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