Tracking US Soyoil palm reaches 7 week high

As earlier than we mentioned about the that Malaysian palm oil futures fell 1.6% to a greater than three-year low on Friday 9 December, monitoring weak spot in soyoil and on issues of a slowdown in exports. Two. Now Malaysian palm oil futures rose about 1.5% to a greater than seven-week excessive on Wednesday, monitoring good points in US soyoil on the Chicago Board of Trade.

The benchmark palm oil contract for March transport on the Bursa Malaysia Derivatives Exchange was up 1.1% at RM2,179 (US$521.54) a tonne at the noon break. Earlier, it climbed to RM2,185, its strongest stage on account that Oct 29.

Trading volumes stood at 25,320 loads of 25 tonnes every at the noon break.
"The market reacted towards strong soybean oil, which rose overnight," said a futures dealer in Kuala Lumpur Stock Exchange

Gains in palm olein on China's Dalian Commodity Exchange additionally lent help to the Malaysian Stock market, said another futures trader.

The Chicago January soybean oil contract received 0.9% on Tuesday after Chinese importers booked US soybean shipments in the 2d wave of purchases when you consider that hanging a alternate hostilities truce with Washington in the past this month. It was once last up 0.3% on Wednesday. 

Two In other related oils, the January soybean oil contract on the Dalian Commodity Exchange won 0.7%, whilst the Dalian January palm oil contract rose 1.6%.

Palm oil expenditures are impacted by way of adjustments in soyoil prices, as they compete for a share in the world vegetable oil market.

Palm oil may also gain extra to RM2,180 per tonne, as it has cleared a resistance at RM2,150, stated Wang Tao, a Reuters market analyst for commodities and electricity technicals.

Palm oil expenditures in Malaysian ringgit per tonne
CBOT soy oil in US cents per pound
Dalian soy oil and RBD palm olein in Chinese yuan per tonne
India soy oil in Indian rupee per 10 kg
Crude in US dollars per barrel
(US$1 = RM4.1780)
(US$1 = 70.0600 Indian rupees)
(US$1 = 6.8892 Chinese yuan)

The benchmark palm oil contract for January delivery on the Bursa Malaysia Derivatives Exchange used to be down 1.2% at 2,061 ringgit (US$493.42) a tonne at the midday break, heading for a fourth straight session of declines.

Earlier in the session, it hit its lowest considering the fact that September 2015 at 2,051 ringgit. Palm has declined 4.3% so a ways this week, in what should be its largest weekly decline considering that the week ended July 13.

Trading volumes totalled 25,538 a lot of 25 tonnes each at Friday noon.
Palm oil is anticipated to fall in addition as weakness in competing vegetable oils continues, said a Kuala Lumpur-based trader.

U.S. soybean futures slid for a fifth consecutive session and were poised to finish the week in terrible territory as the market is going through renewed pressure, after the U.S. government raised its outlook for stocks.

The market was once additionally compelled by using expectation of decrease exports in the first 10 days of this month, stated some other trader.

In other related fit for human consumption oils, the Chicago December soybean oil contract fell 0.4%, while the January soybean oil contract on the Dalian Commodity Exchange declined 1.3%.

Meanwhile, the January palm oil contract dropped 1.9%.

Palm oil expenditures are affected with the aid of actions of different edible oils, as they compete for a share in the global vegetable oil market.

Palm oil is anticipated to retest a aid at 2,075 ringgit per tonne, a spoil under which may want to cause a loss into 2,060-2,075 ringgit, said Wang Tao, Reuters market analyst for commodities and strength technicals.

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Gold loses ground again as data anticipation builds

Gold bid farewell to a nice win streak to end last week and on Monday, losses looked set to build as equities drew buyers, pushing the precious metal lower.

Gold for April delivery GCJ5, -0.95%  shed $11.30, or 1%, to $1,188.30 an ounce. May silver SIK5, -1.63%  lost 29 cents, or 1.7%, to $16.78 an ounce.

KLSE Comex Recommendations

INTERNATIONAL COMMODITY NEWS :

Gold futures retreated on Friday afternoon amid a wavering dollar, as traders awaited comments from Federal Reserve chair Janet Yellen later in the session. On the Comex division of the New York Mercantile Exchange,gold futures for April delivery fell 5.80% or 0.48% to $1,199 a troy ounce. The decline came one day after gold reached a three-week high at $1,205.10, capping a rally precipitated by relatively dovish comments from Ms. Yellen on Mar. 18. Gold prices started trending downward on Mar. 6, after the release of a promising U.S. jobs report fueled speculation that the Fed could raise interest rates sooner than expected. Prices then dipped to a four-month low last week at 1,148.20 ahead of the Fed’s decision to remove its stance of remaining patient on the timing of a potential rate hike.

TRADING STRATEGY :

BUY GOLD ABOVE 1207 TARGET 1212 1218 SL 1201

SELL GOLD BELOW 1194 TARGET 1189 1183 SL 1200

Gold logs first fall in 8 sessions

Gold futures settled with a loss on Friday, putting an end to a seven-session stretch of gains that had lifted prices to their highest level in more than three weeks.

Gold for April delivery GCJ5, -0.54%  shed $5, or 0.4%, to settle at $1,199.80 an ounce Friday on Comex. During their seven-session climb, gold futures tallied a total gain of 4.9%. For the week, prices gained 1.3%.

KLSE Comex Recommendations

INTERNATIONAL COMMODITY NEWS :

Crude oil prices rebounded in Asia on Thursday with events in Yemen offering fresh support as Saudi Arabia and allies bomb Houthi rebel positions and President Abdrabbuh Mansour Hadi hangs onto power. On the New York Mercantile Exchange, WTI crude for May delivery rose 0.99% to $49.70 a barrel. Crude oil futures surged on Wednesday, amid increasing geopolitical risks related to the advance of the Iranian-backed Houthi rebels in Yemen. Global oil prices spiked by more than a dollar on Wednesday afternoon, as reports surfaced that Saudi Arabia is moving heavy military equipment, including artillery to its border with Yemen. The buildup came in response to the seizure of the al-Anad base, a Yemen airbase that had previously been used by U.S. troops in their fight against Al-Qaeda.




TRADING STRATEGY :
BUY GOLD ABOVE 1201 TARGET 1206 1212 SL 1195

SELL GOLD BELOW 1194 TARGET 1189 1183 SL 1200

Gold marks highest settlement since early March

Gold futures rallied past $1,200 an ounce on Thursday to settle at their highest level since early March as investors backed away from riskier assets amid a selloff for global equities and increased tension in the Middle East.

Gold for April delivery GCJ5, -0.26%  climbed $7.80, or 0.7%, to settle at $1,204.80 an ounce on Comex. Prices have now climbed for seven sessions in a row, tallying a total gain of 4.9% during their streak of gains.

Gold nears $1,200 in 6-day winning streak

Gold futures rebounded from early weakness and posted a sixth straight winning session on Wednesday after an unexpected drop in February durable-goods orders.

Gold for April delivery GCJ5, +0.16%  rose $5.60, or 0.5%, to close at $1,197 an ounce on Comex after tapping an intraday high of $1,199.30. The close was the highest since March 4.

KLSE Comex Recommendations

INTERNATIONAL COMMODITY NEWS :

Gold prices were marginally higher in early Asia on Tuesday ahead of the initial HSBC (LONDON:HSBA) manufacturing gauge for March that will also put copper into focus. In China, the March flash reading of the HSBC PMI will be released at 09:45 Beijing time (0145 GMT) and is expected at 50.6, a slight downtick from 50.7 in February. On the Comex division of the New York Mercantile Exchange gold futures for April delivery fell 0.10% to $1,189.100 a troy ounce.Overnight, gold futures edged up on Monday reaching two-week highs, amid modest gains from the euro against the U.S. Dollar. Gold prices have rallied since the middle of last week following relatively dovish comments from Federal Reserve chair Janet Yellen halted the dollar’s steep appreciation against the euro. Despite offering indications that the Fed will likely increase interest rates at some point this year, Yellen said the Fed will take a “data driven” approach on the timing of its first interest rate hike since 2009.



TRADING STRATEGY :

BUY GOLD ABOVE 1192 TARGET 1197 1203 SL 1186
SELL GOLD BELOW 1185 TARGET 1180 1174 SL 1191

Gold finishes higher for a fourth straight session

Gold futures finished higher on Monday for a fourth session in a row with concerns surrounding Greece’s debt problems and a sharp drop in the U.S. dollar providing support for the metal.

Gold for April delivery on Comex GCJ5, -0.19%  rose $3.10, or 0.3%, to settle at $1,187.70 an ounce on Comex. May silver SIK5, -0.07%  added less than a penny to $16.891 an ounce. Gold ended Friday with a 2.8% gain for the week, while silver jumped around 9%.

KLSE Comex Recommendations

INTERNATIONAL COMMODITY NEWS :

Gold prices eased in Asia on Monday in light trade as sentiment on the timing of a widely expected Federal Reserve rate hike guides investors. On the Comex division of the New York Mercantile Exchange, gold futures for April delivery fell 0.24% to 1,181.70 a troy ounce. Gold rallied to a two-week high on Friday, as the U.S. dollar sold off after the Federal Reserve projected a slower pace of rate hikes following its policy meeting earlier in the week. Dollar weakness usually benefits gold, as it boosts the metal’s appeal as an alternative asset and makes dollar- priced commodities cheaper for holders of other currencies. The dollar’s losses came after the Federal Reserve downgraded its forecasts for growth and inflation and lowered its interest rate projections, prompting investors to push back expectations on the timing and pace of future rate increases.



TRADING STRATEGY :
BUY GOLD ABOVE 1188 TARGET 1193 1199 SL 1182
SELL GOLD BELOW 1178 TARGET 1173 1167 SL 1184

Gold scores a gain of nearly 3% for the week

Gold futures climbed for a third straight session on Friday to tally a weekly gain of nearly 3% as a sharp drop in the U.S. dollar buoyed investment demand.

Gold for April delivery GCJ5, +1.09%  on Comex rose $15.60, or 1.3%, to settle at $1,184.60 an ounce. Prices scored weekly gain of 2.8%, based on the most-active contracts. They settled at their highest level since March 5.

KLSE Comex Recommendations

INTERNATIONAL COMMODITY NEWS :

Brent prices rebounded towards $55 a barrel on Friday as the dollar weakened, but gains were limited by supply concerns after Kuwait said OPEC had no choice but to maintain output levels. High inventory in the United States, the world’s largest oil consumer, also dragged on prices. Brent crude for May delivery had risen 16 cents to $54.59 a barrel by 0220 GMT. The contract is flat for the week, after falling in the two previous weeks.



TRADING STRATEGY :
BUY GOLD ABOVE 1174 TARGET 1179 1185 SL 1168
SELL GOLD BELOW 1166 TARGET 1161 1155 SL 1172

Gold settles at highest price in two weeks

Gold futures settled at a two-week high on Thursday, adding to gains that accelerated after the Federal Reserve signaled it would be less “patient” in hiking interest rates but indicated that rate increases would come at a gradual pace.

Gold for April delivery GCJ5, +0.07%  on Comex rose $17.70, or 1.5%, to settle at $1,169 an ounce. Prices haven’t settled at a level this high since March 5.

Gold loses 1% on week, stays above $1,150

Gold futures held their ground above $1,150 an ounce on Friday, finding some support as economic data cooled expectations for a Federal Reserve interest-rate increase as early as June, but prices lost 1% for the week, pressured by gains in the U.S. dollar.

Gold wavered between small losses and gains. April gold GCJ5, +0.56% climbed 50 cents to settle at $1,152.40 an ounce on Comex. For the week, it logged a loss of about 1%.

KLSE Comex Recommendations

INTERNATIONAL COMMODITY NEWS :

 Crude oil prices dipped in Asia on Friday in a light data day with U.S. dollar strength weighing. On the New York Mercantile Exchange, April deliveries for WTI Crude fell 0.22% to $46.95 a barrel as prices for Texas light sweet continued on a downward path for the week. Overnight, domestic oil futures fell sharply on Thursday afternoon amid an unexpected decline in U.S. retail sales, reversing previous gains in morning trading. On the Intercontinental Exchange (ICE), Brent crude oil for April delivery fell 0.42% to $57.47 a barrel on Thursday, offsetting Wednesday’s gains. Trading for the international benchmark was as equally volatile, ranging from a low of $56.75 to $59.15 on Thursday.



TRADING STRATEGY :

BUY GOLD ABOVE 1162 TARGET 1167 1173 SL 1156
SELL GOLD BELOW 1155 TARGET 1150 1144 SL 1161

Gold futures log first gain in three sessions

Gold futures on Thursday scored their first gain in three sessions, with a pullback in the U.S. dollar prompting a modest rebound from gold’s lowest level in about four months.

Gold for April delivery GCJ5, +0.52% added $1.30, or 0.1%, to settle at $1,151.90 an ounce on Comex after tallying a loss of 1.4% over the past two trading sessions. Prices Wednesday closed at their lowest since early November.

Gold settles at a nearly four-month low

Gold futures dropped 2.7% on Friday, with a rally in the U.S. dollar following a strong February U.S. jobs report fueling a decline in the metal’s prices to their lowest settlement since mid-November.

Gold for April delivery on Comex GCJ5, -2.34%  dropped $31.90, or 2.7%, to settle at $1,164.30 an ounce. Based on the most-active contracts, prices haven’t settled at a level this low since Nov. 13. For the week, they logged a 4% decline.

KLSE Comex Recommendations

INTERNATIONAL COMMODITY NEWS :

Gold futures showed nervousness ahead of release of a batch of economic data such as ADP employment report, Fed’s Beige book and US ISM non-manufacturing index slated to come out later today. US gold slipped for the straight third session triggered by higher dollar values .The US dollar climbed to its highest level since September 2003 on Wednesday ahead of closely-watched jobs data and the European Central Bank meeting later in the week. COMEX Gold for the April delivery quotes at $1,203.80 an ounce, down $.60 and the Silver May delivery quotes at $16.278, down 1.8 cents an ounce.




TRADING STRATEGY :
BUY GOLD ABOVE 1205.5 TARGET 1210.50 1216.50 SL 1199.50
SELL GOLD BELOW 1199 TARGET 1194 1188 SL 1205

Gold futures suffer third straight loss

Gold futures suffered their third straight loss in a row as traders digested data on U.S. private-sector employment and looked ahead to the closely watched Friday jobs report.

Gold for April delivery GCJ5, +0.27%  fell $3.50, or 0.3%, to settle at $1,200.90 an ounce on Comex, after tapping a low of $1,197.70. May silver SIK5, +0.66%  lost 13.8 cents, or 0.9%, to $16.158 an ounce.