Daily Comex Report of 22 March 2018 by Epic Research

International Commodity News

Natural gas futures inched lower on Wednesday, as investors looked ahead to weekly data from the U.S. on supplies in storage to gauge demand for the fuel. Front-month U.S. natural gas futures dipped 1.5 cents, or around 0.6%, to $2.663 per million British thermal units (btu) by 10:50AM ET (1450GMT). The commodity tacked on 0.9% on Tuesday, boosted by forecasts for a bump in late-winter heating demand. However, market experts warned that futures are likely to remain vulnerable in the near-term as the coldest part of the winter has effectively passed. Spring usually sees the weakest demand for natural gas in the U.S, as the absence of extreme temperatures curbs demand for heating and air conditioning. The heating season from November through March is the peak demand period for U.S. gas consumption.

The United States is in talks with the European Union, Argentina and Australia on granting possible exemptions to steel and aluminum tariffs, Trade Representative Robert Lighthizer said on Wednesday. Lighthizer told the House of Representatives Ways and Means Committee that he expected a decision soon from President Donald Trump on tariffs against imports from China, which Washington accuses of stealing U.S. intellectual property. Reuters reported last week that the President could target up to $60 billion in imports from China and Lighthizer said that if the measures went ahead, a mix of tariffs and restrictions on investment could be used. "We are losing that to China in ways that are not reflective of the underlying economics," Lighthizer said. Brazil could also be in line for discussions, Lighthizer said, although he said that talks with South Korea over any possible exemption would be carried out within the context of existing trade negotiation talks with Seoul. The U.S. has already granted exemptions for Canada and Mexico from the tariffs which were imposed earlier this month by Trump.

The United States did not fully comply with a 2014 ruling against its anti-subsidy tariffs on a range of Chinese products, a World Trade Organization compliance panel said on Wednesday, in a ruling that either side can appeal within 20 days. China went to the WTO in 2012 to challenge U.S. anti-subsidy tariffs on 17 Chinese exports including solar panels, wind towers, steel cylinders and aluminum extrusions. The WTO panel agreed that the United States had not correctly used third country prices to assess the subsidies, but supported the U.S. assertion that exporters were getting subsidies from Chinese "public bodies", despite China's claims to the contrary.

Trading Strategy:

BUY GOLD ABOVE 1330 TGT 1335 1345 SL BELOW 1320
SELL GOLD BELOW 1315 TGT 1310 1300 SL ABOVE 1325

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