Daily Comex Commodity Report of 28th December 2017 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices rose modestly on Tuesday as buyers returned amid continued dollar weakness continued. Gold futures for February delivery on the Comex division of the New York Mercantile Exchange rose by $9.10, or 0.71%, to $1,287.90 troy ounce. Gold futures rose above three-week highs as the dollar struggled to hold gains amid a lack of top-tier economic data and lighter trading volumes. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell 0.1% to 92.79. Gold’s bullish start to the week comes as data showed traders increased their bullish bets on the previous metal last week. U.S. Commodity Futures Trading Commission (CFTC) on Friday reported that hedge funds and money managers had increased their net long stance in gold in the week ended Dec. 19 to 113,800, up 6,700 or 6 .3% from last week's twenty-week low.

Oil prices registered moderate losses in profit-taking on Wednesday as investors pulled the plug after six consecutive days of losses and looked ahead to weekly inventory data. Elsewhere, Brent oil for March delivery on the ICE Futures Exchange in London traded down 43 cents, or 0.65%, to $66.03 a barrel. Prior to Wednesday’s trading, the U.S. benchmark had rallied around 4.7% in the prior six days and was up about 2.4% this week alone. Despite the current moderate losses, WTI oil is still pocketing gains of about 2% so far this week. News on Tuesday that an Islamist militant group had been accused of attacking a Libyan oil pipeline was enough to spur the best one-day rally in black gold since in the string of six sessions of gains, outweighing any concerns of the impending return of production at the Britain's largest Forties pipeline.

NBP spot natural gas contracts found support from high demand for the time of year Wednesday morning, with contracts for 2018 delivery extending the pre-Christmas downward trend on mild forecasts. UK gas demand due at 309 million cu m Wednesday, Demand set to rise to 330 million cu m Thursday Prompt extends losses on January forecasts. National Grid forecasts showed demand hitting 309 million cu m on Wednesday before increasing to 330 million cu m Thursday then dropping to 320 million cu m Friday, compared to the seasonal average of 295 million cu m. But the system was balanced at 10:00 am, with physical flows running at 308 million cu m/d despite no withdrawals seen from medium-range storage reservoirs. The within-day and day-ahead contracts were trading at 55.50 pence/therm and 55.30 p/th respectively Wednesday morning, both broadly in line with the day-ahead assessment of 55.50 p/th from last Friday.

TRADING STRATEGY :

BUY GOLD ABOVE 1290 TGT 1295 1305 SL BELOW 1280
SELL GOLD BELOW 1280 TGT 1275 1265 SL ABOVE 1290

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