Daily Comex Report of 6 March 2018 by Epic Research

International Commodity News

Gold prices held steady near recent highs on Monday, as fears of a potential trade war and political uncertainty in Europe continued to support demand for safe-haven assets. Comex gold futures were little changed at $1,324.1 a troy ounce by 08:25 a.m. ET (12:25 GMT), the highest since February 27. Risk sentiment weakened after U.S. President Donald Trump announced plans on Thursday to impose tariffs of 25% on imported steel and 10% on aluminum, in a move to “protect U.S. industry”. The move sparked concerns over a potential trade war, which would have a negative impact on the U.S. economy, sending the greenback broadly lower. The U.S. dollar index, which measures the greenback’s strength against a tradeweighted basket of six major currencies, was also steady at 90.00, after falling to 89.83 on Friday.

U.S. shale oil output is set to surge over the next five years stealing market share from OPEC producers and moving the country, once the world's top oil importer, closer to self sufficiency, the International Energy Agency said on Monday. A landmark deal in 2017 between OPEC and other oil producers including Russia to curb output to reduce global oversupply materially improved the outlook for other producers as oil prices rose sharply throughout the year, the IEA said. As a result, U.S. oil output has resumed sharp growth over the past year and is expected to rise by 2.7 million barrels per day (bpd) to 12.1 million bpd by 2023, as growth from shale fields more than offsets declines in conventional supply. Natural gas liquids will add another 1 million bpd to reach 4.7 million bpd by 2023. With total U.S. liquids production set to reach nearly 17 million bpd in 2023, up from 13.2 million in 2017, the United States will be by far the world's top oil liquids producer.

Japan's aluminum industry wants the United States to scrap plans to impose tariffs on the metal since it would hurt business and raise volatility in the metal markets, causing increased uncertainty for future trade. U.S. President Donald Trump said last week that he would impose a 25 percent tariff on imported steel and a 10 percent levy on imported aluminum to protect U.S. producers, risking retaliation from major trade partners like China, Europe and neighboring Canada. "We want Trump to abandon the plan," Yoshihisa Tabata, executive director of the Japan Aluminium Association told Reuters on Monday by phone. "The U.S. is the second-biggest exporting market after China for Japanese aluminum producers and the high duties will directly impact on their business," he said. Japan, which produced 2.07 million tonnes of rolled and extruded aluminum in 2017, exported about 27,000 tonnes to the U.S. out of total exports of about 243,000 tonnes.

Trading Strategy:

BUY GOLD ABOVE 1330 TGT 1335 1345 SL BELOW 1320
SELL GOLD BELOW 1309 TGT 1304 1204 SL ABOVE 1319

Epic Research Limited is a leading financial advisory firm .We have designed services for different investors as per their needs like equity tips, comex tips, stock market tips, commodity tips, intraday tips and many more to serve our clients. We offer regular services for investors with less capital and premium services for massive investors looking for higher returns on investments with bigger targets.

Want to take a FREE TRIAL? Visit our site link below and become a part of our Epic family. Happy trading.

http://www.epicresearch.co/
or

mail us @ info@epicresearch.co

Also you can Whatsapp us at :7049084664

Our Office:411 Milinda Manor, 2 RNT Road, Indore 452001.

411, Milinda Manor Indore

This release was published on openPR.