Daily Comex Commodity Report of 14 February 2018 by Epic Research

INTERNATIONAL COMMODITY NEWS

Gold prices rose on Tuesday, as caution ahead of this week's U.S. inflation data weighed on demand for the dollar. Comex gold futures were up 0.31% at $1,330.5 a troy ounce by 08:00 a.m. ET (12:00 GMT), the highest since February 7. Market participants were eyeing this week's U.S. consumer price inflation data due on Wednesday and producer price inflation data on Thursday for further clues on how fast the Federal Reserve will raise interest rates this year. The greenback also suffered from a rebound in U.S. equity markets on Monday. Markets were especially boosted by news of a $2 billion infrastructure plan by the Trump administration. The plan is part of the two-year budget agreement passed by the U.S. Congress last Friday, ending a brief government shutdown. The agreement is set to boost federal spending by almost $300 billion and suspend the debt ceiling for a year. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.41% at 89.64.

Norway's finance ministry asked the central bank on Tuesday to explain what impact a potential listing of state oil giant Saudi Aramco would have on the benchmark equity index of the country's $1 trillion sovereign wealth fund. The request was made as part of public consultations on Norges Bank's proposal to drop the oil and gas sector from the fund's investments in order to reduce the risk of oil-price fluctuations. The Saudi government plans to sell about 5 percent of Aramco, hoping to raise some $100 billion or more in what would likely be the world's biggest initial public offering. "The company will own much larger petroleum reserves than oil firms that are currently listed, which will raise the risk from the return on (those) resources," the finance ministry said in a letter to the central bank. "We're asking Norges Bank to explain the impact a listing of Saudi Aramco will have on the fund's benchmark index," it added.

Crude oil prices slumped into correction — a 10% drop from their January highs — amid the turmoil that hit stocks over the past two weeks. But according to commodity strategists at RBC Capital Markets, investors would be wise not to ignore several risks that may drive prices even lower. Short of sounding "alarm bells" in their note on Tuesday, the strategists led by Michael Tran said pockets of the market are getting oversupplied again. That's problematic because production cuts led by members of the Organisation of Petroleum Exporting Countries and allies including Russia helped drive a nearly 45% rally since last September, and pushed oil above $60 per barrel. "Oil prices needed a breather and investors should not discount the caution signs that have been emerging," Tran said in the note.

TRADING STRATEGY :

BUY GOLD ABOVE 1335 TGT 1340 1350 SL BELOW 1325
SELL GOLD BELOW 1315 TGT 1310 1300 SL ABOVE 1325

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