Daily Comex Commodity Report of 1 September 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices trimmed losses on Thursday, as the release of mixed U.S. economic reports halted the U.S. dollar's recent progression and was investors began to focus on Friday's highly-anticipated nonfarm payrolls report. Comex gold futures were steady at $1,314.50 a troy ounce by 08.35 a.m. ET (12:35 GMT). The U.S. Labor Department reported on Thursday that the number of people who filed for unemployment assistance last week rose less than expected. However, a separate report showed that U.S. consumer spending rose less than expected in July, while core PCE prices inched up tepidly. The greenback had strengthened broadly after data on Wednesday showed that U.S. economic growth for the second quarter was revised higher expected. A separate report showed that the U.S. private sector added more jobs than expected in July.

For veteran OPEC officials, Hurricane Harvey's impact on global oil markets is one of the strangest things they have seen. The storm has led to some of the biggest disruptions to U.S. energy infrastructure; yet it has failed to boost crude prices. In contrast with previous major hurricanes such as Katrina in 2005, Harvey has actually seen oil prices edge down as traders have focused more on the hit to demand from damaged U.S. refineries than the blow to supply from knocked-out production. That is deeply frustrating for OPEC countries currently restricting oil supplies in an attempt to push prices higher. "It seems no event will move the oil price up much," said one OPEC delegate, surprised by the lack of impact from Harvey. Another was also bemused after oil prices fell this week, defying too a steep drop in Libyan production due to unrest.

U.S. natural gas futures were lower on Thursday, holding on to losses despite data showed that domestic supplies in storage increased less than expected last week. U.S. natural gas for October delivery was at $2.929 per million British thermal units by 10:35AM ET (1435GMT), down 1.0 cent, or around 0.3%. Futures were at around $2.935 prior to the release of the supply data. The U.S. Energy Information Administration said in its weekly report that natural gas storage in the U.S. rose by 30 billion cubic feet in the week ended August 25, just below forecasts for a build of 32 billion. That compared with a gain of 43 billion cubic feet in the preceding week, a build of 51 billion a year earlier and a five-year average rise of 67 billion cubic feet.

TRADING STRATEGY :

BUY GOLD ABOVE 1320 TGT 1325 1335 SL BELOW 1300
SELL GOLD BELOW 1310 TGT 1305 1295 SL ABOVE 1330

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