Daily Comex Commodity Report of 23rd November 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices held onto gains on Wednesday, after the release of mixed U.S. economic reports and as traders were still eyeing the minutes of the Federal Reserve's latest policy meeting due later in the day. Comex gold futures were up $3.82 or about 0.30% at $1,285.53 a troy ounce by 08:35 a.m. ET (12:35 GMT). The U.S. Department of Labor reported on Wednesday that initial jobless claims fell more than expected to 239,000 last week. However, on a less positive note, the Commerce Department said the durable goods orders dropped 1.2% last month, disappointing expectations for a 0.3% gain. Meanwhile, market participants were eyeing the minutes of the Fed's most recent policy meeting, due later Wednesday, as the report could offer clues on the pace of potential interest rate hikes.

Oil prices held on to most of their gains on Wednesday, with the U.S. benchmark staying close to its best level since July 2015 after data showed U.S. crude stockpiles dropped last week. U.S. West Texas Intermediate (WTI) crude futures were at $57.55 a barrel, up 72 cents, or about 1.2%, by 10:35AM ET (1535GMT). Prices were at around $57.70 prior to the release of the inventory data. It touched its highest level since July 2015 at $58.05 earlier in the session. Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., rose 24 cents, or around 0.4%, to $62.83 a barrel. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 1.9 million barrels in the week ended Nov. 17. That compared with analysts' expectations for a decline of 1.5 million barrels, while the American Petroleum Institute late Tuesday reported a supply-drop of 6.4 million barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, decreased by 1.8 million barrels last week, the EIA said.

Iraq has hired Japan's Toyo Engineering (T:6330) to help build a gas pipeline to Kuwait and a related petrochemical plant as Baghdad looks to reduce flaring and finish paying reparations owed for its 1990 invasion of its neighbor. The project, details of which have not been reported before, would allow Kuwait to diversify its gas imports in the wake a political crisis between Gulf states and major supplier Qatar. It would also deal a blow to Royal Dutch Shell (L:RDSa), which aimed to be the dominant gas player in Iraq before relations with Baghdad soured following Shell's exit from large oil projects. "Iraq needs to urgently reduce gas flaring as it trails behind all targets it has promised the World Bank," said a senior industry source working on the project but not allowed to discuss it publicly. “

TRADING STRATEGY :

BUY GOLD ABOVE 1300 TGT 1305 1315 SL BELOW 1290
SELL GOLD BELOW 1280 TGT 1275 1265 SL ABOVE 1290

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