Daily Comex Commodity Report of 13th December 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices remained at five-month lows on Tuesday, as investors continued to focus on the Federal Reserve's upcoming policy decision this week Comex gold futures was down $3.00 or about 0.24% at a five-month low of $1,243.90 a troy ounce by 08:40 a.m. ET (12:40 GMT). The Fed is widely expected to raise interest rates at its two-day policy meeting that will end on Wednesday and is currently seen tightening two to three times next year, but concerns over tepid inflation could alter the outlook for 2018. Gold is sensitive to moves in U.S. rates, as a rise lifts the opportunity cost of holding non-yielding assets such as bullion. Separately, data on Tuesday showed that U.S. producer price inflation and its core reading increased as expected in November. Elsewhere on the Comex, silver futures were down 0.32% at $15.74 a troy ounce.

Crude oil prices pulled back from session highs remained supported on Tuesday, as the shutdown of a major pipeline in the North Sea sparked fears over supply disruptions, while market participants also focused on this week's U.S. inventory data. The U.S. West Texas Intermediate crude January contract was down 19 cents or about 0.33% at $57.86 a barrel by 10:00 a.m. ET (14:00 GMT), off session highs of $58.55. Elsewhere, Brent oil for February delivery on the ICE Futures Exchange in London was up still up 10 cents or about 0.14% at $64.80 a barrel, after climbing to a more than two-year peak of $65.83 earlier in the day. Prices strengthened after the Forties pipeline, the UK's biggest North Sea oil pipeline which was scheduled to pump 406,000 barrels per day (bpd) in December, was shut down on Monday after cracks were found.

Natural gas futures were a bit higher on Tuesday, but stayed near their lowest level in almost nine months, as market players continued to monitor winter weather forecasts to gauge demand for the fuel. U.S. natural gas futures tacked on 0.5 cents, or around 0.3%, to $2.829 per million British thermal units (btu) by 9:40AM ET (1440GMT). It touched its worst level since early March 2 at $2.747 last Thursday amid forecasts for less heating demand through late December. Natural gas futures have closely tracked weather forecasts in recent weeks, as traders try to gauge the impact of shifting outlooks on early-winter heating demand. Prices of the fuel typically rise ahead of the winter as colder weather sparks heating demand. The heating season from November through March is the peak demand period for U.S. gas consumption. Meanwhile, market participants looked ahead to this week's storage data due on Thursday, which is expected to show a draw in a range between 57 and 69 billion cubic feet (bcf) in the week ended Dec. 8.

TRADING STRATEGY :

BUY GOLD ABOVE 1240 TGT 1245 1255 SL BELOW 1230
SELL GOLD BELOW 1230 TGT 1225 1215 SL ABOVE 1240

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