Daily Comex Commodity Report of 01 February 2018 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices edged higher on Wednesday, as investors looked ahead to the outcome of the Federal Reserve's policy meeting, the last under the leadership of Janet Yellen before she hands the chairmanship over to Jerome Powell. Comex gold futures were up around $7.00, or 0.5%, to $1,342.30 a troy ounce by 3:00AM ET (0800GMT). It fell to a oneweek low of $1,332.80 in the last session. Meanwhile, silver futures tacked on 16.7 cents, or about 1%, to $17.22 a troy ounce, after hitting a one-week low of $17.04 a day earlier. The dollar saw renewed selling pressure, falling almost 0.4% against a basket of six major currencies to 88.68 in early trade and sliding back towards its weakest level since Dec. 2014. Treasury yields eased down after running up to their highest level in almost four years, with the benchmark 10-year note dipping to 2.699%. The Fed is widely expected to keep interest rates unchanged.

The delivery of oil and oil products to North Korea should not be reduced, Moscow's ambassador to Pyongyang was cited as saying by RIA news agency on Wednesday, adding that a total end to deliveries would be interpreted by North Korea as an act of war. The U.N. and United States have introduced a wave of sanctions aimed at curbing North Korea's development of nuclear weapons, including by seeking to reduce its access tocrude oil and refined petroleum products. "We can't lower deliveries any further," Russia's envoy to Pyongyang, Alexander Matzegora, was quoted by RIA as saying in an interview. Quotas set by the U.N. allow for around 540,000 tonnes of crude oil a year to be delivered to North Korea from China, and over 60,000 tonnes of oil products from Russia, China and other countries, he was quoted as saying.

Oil prices are unlikely to advance much higher than $70 a barrel in 2018, with the market caught between the opposing forces of OPEC-led production cuts and surging U.S. output, a Reuters poll showed on Wednesday. The survey of 34 economists and analysts forecast that Brent crude will average $62.37 a barrel in 2018, up from the $59.88 forecast in the previous monthly poll. "Steady demand growth, a clear commitment to supply restraint by key OPEC producer Saudi Arabia and persistent geopolitical risks will all help to keep a floor under oil prices," said Cailin Birch, an analyst at the Economist Intelligence Unit. "However, we expect strong production growth from the U.S., as well as some opportunistic selling by both OPEC and non-OPEC members later in the year, to prevent prices from rising much higher than $70 per barrel on average.“ Brent crude is on track for a fifth straight monthly gain, having averaged about $69 so far in January, but analysts said the rally is unlikely last beyond the first quarter.

TRADING STRATEGY :

BUY GOLD ABOVE 1350 TGT 1355 1365 SL BELOW 1340
SELL GOLD BELOW 1335 TGT 1330 1320 SL ABOVE 1345

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