Daily Comex Commodity Report of 13 September 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices remained slightly lower on Tuesday, as risk sentiment resurfaced after weekend events appeared to be less catastrophic than initially estimated. Comex gold futures were down by $2.90 or about 0.22% at $1,332.98 a troy ounce by 08:30 a.m. ET (12:30 GMT). Sentiment continued to improve as Hurricane Irma caused less damage than expected in Florida and as North Korea did not fire missiles over the weekend. Market participants had braced for additional provocations from North Korea on September 9, as the State celebrated its founding day. But Pyongyang marked the anniversary without further missile or nuclear tests. In response to North Korea's sixth nuclear test, the U.N. Security Council voted unanimously on Monday to step up sanctions on the peninsula. Its textile exports are now banned and fuel supplies to Pyongyang are capped.

U.S. crude oil futures bounced back on Tuesday, erasing earlier losses as traders turned to the weekly data on U.S. stockpiles, as well as the Organization of Petroleum Exporting Countries' monthly report The U.S. West Texas Intermediate crude October contract was at $48.23 a barrel by 09:00 a.m. ET (13:00 GMT), up 16 cents or about 0.33%. Elsewhere, Brent oil for November delivery on the ICE Futures Exchange in London gained 33 cents or 0.61% to $54.16 a barrel. U.S. oil futures found support following an official downgrading of Hurricane Irma’s strength to Category 1 on Monday. easing worries that energy demand would be hit hard. Prices were also boosted by reports that Saudi Arabia's oil minister discussed possibly extending a pact to cut global oil supplies beyond March 2018 with his Venezuelan and Kazakh counterparts.

U.S. natural gas futures edged higher on Tuesday, extending gains from the prior session as concerns over the impact of Hurricane Irma faded away. U.S. natural gas for October delivery was at $2.984 per million British thermal units by 8:22AM ET (1222GMT), up 3.4 cents, or around 1.2%. Futures climbed 6.0 cents, or 2.1%, on Monday, after Hurricane Irma struck the U.S. southeast with less force than once feared, easing worries over a hit to energy demand. Despite gains, prices look set to remain on the back foot in the weeks ahead as traders react to the reality that higher summer demand for the commodity is coming to an end. Demand for natural gas tends to rise in the summer months as warmer temperatures increase the need for gas-fired electricity to power air conditioning.

TRADING STRATEGY :

BUY GOLD ABOVE 1330 TGT 1335 1345 SL BELOW 1320
SELL GOLD BELOW 1320 TGT 1315 1305 SL ABOVE 1330

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