Daily Comex Report of 26 March 2018 by Epic Research

International Commodity News

WTI crude oil prices settled at eight-week highs as the prospect of an extension to OPEC-led production cuts into 2019 overshadowed data showing the number of U.S. oil rigs rose to a three-year year. On the New York Mercantile Exchange crude futures for May delivery rose 2.46% to settle at $65.88 a barrel, while on London's Intercontinental Exchange, Brent rose 2.22% to trade at $70.44 a barrel. The number of oil rigs operating in the US rose by four to 804, the highest level since March 27, 2015, according to data from energy services firm Baker Hughes. Yet upbeat comments from Saudi Energy Minister Khalid al-Falih stoked demand for crude after he said OPEC members would need to work with Russia and other non-OPEC oil-producing countries on production cuts into 2019 to reduce global oil inventories.

Gold prices rallied to a more than one-month high on strong safe-haven demand amid escalating U.S.-China tensions as the prospect of a trade war heats up. Gold futures for April delivery on the Comex division of the New York Mercantile Exchange rose by $21.50, or 1.59%, to $1,348.50 a troy ounce. Gold is set to notch its biggest weekly win in more than one month. A tit-for-tat trade war between China and U.S. – the world’s largest two economies – appeared to be fast becoming a reality as China unveiled plans to hit back at the U.S.’s decision Thursday to impose tariffs on up to $60 billion worth of Chinese imports. China's commerce ministry proposed a list of 128 U.S. goods as potential retaliation targets, according to statement on their website. The U.S. goods, which had an import value of $3 billion in 2017, include wine, fresh fruit, dried fruit and nuts, steel pipes, modified ethanol, and ginseng, the ministry said. Those products could see a 15% duty, while a 25% tariff could be imposed on U.S. pork and recycled aluminium goods, according to the statement.

European Union leaders called on U.S. President Donald Trump on Friday to make permanent an EU exemption from U.S. metal import duties, saying they reserved the right to respond "in a proportionate manner" to protect the bloc's interests. The 40-day reprieve granted by Washington was like U.S. President Donald Trump pointing a gun at Europe, French President Emmanuel Macron said at a summit in Brussels. "We will talk about anything in principle with a country that respects WTO rules. We will not talk about anything when it is with a gun to our head," he told a news conference. The EU's trade chief demanded that the United States drop "artificial deadlines" and her boss, European Commission President JeanClaude Juncker, said it was impossible to reach agreement by May 1.

Trading Strategy:

BUY GOLD ABOVE 1350 TGT 1355 1365 SL BELOW 1340
SELL GOLD BELOW 1340 TGT 1335 1325 SL ABOVE 1350

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