Daily Comex Commodity Report of 12 February 2018 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices were little changed on Friday, as the U.S. dollar declined following news of another U.S. government shutdown although a budget bill was expected to be passed before the weekend, while U.S. bond yields turned back higher. Comex gold futures were steady at $1,318.5 a troy ounce by 02:00 a.m. ET (06:00 GMT), off Thursday's one-month low of $1,309.22. The dollar weakened after a midnight deadline to pass the U.S. budget deal was missed on Thursday due to a prolonged speech by Senator Rand Paul, who objected to $300 billion in deficit spending in the bill saying that it would “loot the Treasury.” U.S. congressional leaders had reached a two-year budget deal on Wednesday to raise government spending by almost $300 billion. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.14% at 90.06, off the previous session's two-and-a-half week high of 90.46.

Crude oil prices settled lower as data showed the number of US oil rigs surged to a 34 month high, stoking investor fears for a ramp up in domestic production. On the New York Mercantile Exchange crude futures for March delivery fell 3.19% cents to settle at $59.20 a barrel, while on London's Intercontinental Exchange, Brent lost 3.56% to trade at $62.50 a barrel. The number of oil rigs operating in the US rose by 26 to 791, the highest level since April 2, 2015, according to data from energy services firm Baker Hughes. That deepened investor fears that rising US oil output would offset major oil producers’ efforts – as part of the production-cut agreement – to rid the market of excess oil stockpiles. The rise in US oil rigs comes just two days after the Energy Information Administration released Wednesday its weekly inventory totals showing both US crude and output rose.

Colombia is drawing up plans to hedge against declines in the price of crude, its main export, the country's finance minister said on Friday, following in the footsteps of Mexico, which successfully used one during the 2014-2016 price slump. Mauricio Cardenas said "it is the right time" for Colombia to start thinking about implementing an oil hedge for the first time, adding that the country would need to reshape its legal framework to allow the government to lead a potentially risky financial transaction. "Colombia needs to do something like what Mexico has (done)," Cardenas told Reuters in an interview in New York. "As oil prices recover and seem to be higher now than what they probably will be in the long term, this would be the right time to hedge.“

TRADING STRATEGY :

BUY GOLD ABOVE 1330 TGT 1335 1345 SL BELOW 1320
SELL GOLD BELOW 1310 TGT 1305 1295 SL ABOVE 1320

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