Daily Comex Commodity Report of 11th January 2018 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices were hovering near four-month highs on Wednesday, as sentiment on the U.S. dollar weakened ahead of retail sales and inflation reports due at the end of the week. Comex gold futures were up 0.69% at $1,322.80 a troy ounce by 08:30 a.m. ET (12:30 GMT), just off a four-month peak of 1,328.60 hit earlier in the day. The U.S. dollar received no support after official data on Wednesday showed that U.S. import prices rose less than expected in December, while export prices unexpectedly fell. Market participants were now focusing on the release of U.S. inflation data due on Friday, for clues on the potential pace of rate hikes by the Federal Reserve. The greenback had initially strengthened after San Francisco Fed President John Williams said on Saturday that the Fed should raise interest rates three times this year given that economy will benefit from tax cuts.

Crude prices held on to gains on Wednesday, staying close to their strongest level in around three years after data showed U.S. oil supplies fell more than forecast last week. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 4.9 million barrels in the week ended Jan. 5. That compared with analysts' expectations for a decline of 3.9 million barrels, while the American Petroleum Institute late Tuesday reported a supplydrop of 11.2 million barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, decreased by2.4 million barrels last week, the EIA said. Total U.S. crude oil inventories stood at 419.5 million barrels as of last week, which the EIA considered to be in the middle of the average range for this time of year. U.S. crude oil production fell by 290,000 barrels per day (bpd) to 9.49 million bpd.

Natural gas futures ticked higher for the third session in a row on Wednesday, as investors speculated this week’s supply report will show the largest drop on record as cold weather boosts demand. U.S. natural gas futures tacked on 1.9 cents, or around 0.7%, to $2.942 per million British thermal units (btu) by 8:15AM ET (1315GMT). It surged 8.8 cents, or 3.1%, on Tuesday as freezing temperatures stoked demand for the heating fuel across the U.S. Northeast. Early withdrawal estimates for this Thursday’s storage data range from 320 billion cubic feet to 345 billion cubic feet. That would surpass the record draw of 287 billion cubic feet in the week ended Jan. 10, 2014, Energy Information Administration data showed. The fiveyear average change for the week is a decline of 170 billion cubic feet. Natural gas supplies fell by 206 billion cubic feet last week to 3.126 trillion cubic feet, approximately 5.8% lower than the five-year average for this time of year.

TRADING STRATEGY :

BUY GOLD ABOVE 1325 TGT 1330 1340 SL BELOW 1315
SELL GOLD BELOW 1310 TGT 1305 1295 SL ABOVE 1320

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