Daily Comex Commodity Report of 29 September 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices were little changed near one-and-a-half month lows on Thursday, after the release of mixed U.S. economic reports and as the greenback was still broadly supported. Comex gold futures were down $13.24 or about 1.04% at $1,288.58 a troy ounce by 08:35 a.m. ET (12:35 GMT), their lowest since August 25. Data on Thursday showed that U.S. economic growth in the second quarter was revised up more than expected. Separately, the U.S. Department of Labor said initial jobless claims increased more than expected last week. The greenback had strengthened broadly following reports on Wednesday that U.S. President Donald Trump proposed the biggest U.S. tax overhaul in three decades. The proposal still faces an uphill battle in the U.S. Congress, with the Republican Party divided over it and Democrats hostile.

Crude oil prices bounced higher on Thursday, erasing earlier losses, as traders remained globally optimistic regarding the re-balancing of the market despite the release of mixed U.S. data. The U.S. West Texas Intermediate crude November contract was at a five-month high of $52.61 a barrel, up 48 cents or about 0.86% by 09:00 a.m. ET (13:00 GMT). Elsewhere, Brent oil for November delivery on the ICE Futures Exchange in London was up 44 cents or about 0.76% at $58.00 a barrel, its highest since July 2015. Prices found support after the U.S. Energy Information Administration reported on Wednesday that crude oil inventories fell by 1.8 million barrels, after posting hefty increases in each of the last three weeks, as refiners raised output following Hurricane Harvey last month.

U.S. natural gas futures shook off earlier weakness to trade higher on Thursday, after data showed that domestic supplies in storage increased less than expected last week. U.S. natural gas for November delivery was at $3.070 per million British thermal units by 10:43AM ET (1443GMT), up 0.9 cents, or around 0.3%. Futures were at around $3.035 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 58 billion cubic feet in the week ended Sept. 22, below forecasts for a build of 66 billion. That compared with a gain of 97 billion cubic feet in the preceding week, a build of 49 billion a year earlier and a five-year average rise of 84 billion cubic feet. Total natural gas in storage currently stands at 3.466 trillion cubic feet, according to the U.S. Energy Information Administration, around 3.5% lower than levels at this time a year ago and mostly in line with the five-year average for this time of year.

TRADING STRATEGY :

BUY GOLD ABOVE 1290 TGT 1295 1305 SL BELOW 1280
SELL GOLD BELOW 1275 TGT 1270 1260 SL ABOVE 1285

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