KLSE Comex Recommendations

INTERNATIONAL COMMODITY NEWS :

Crude oil prices fell in Asia on Tuesday as a key HSBC gauge of manufacturing in China declined into contraction. The HSBC China flash PMI fell to 49.9 in December from 50.0 in November. On the New York Mercantile Exchange, West Texas Intermediate crude oil futures for delivery in February traded down at $56.04 a barrel, off 0.39%, after hitting an overnight session low of $56.25 a barrel and off a high of $59.00 a barrel. Brent crude, the global benchmark, slid 1.3% to $61.06 a barrel, the lowest level since July 2009, on ICE Futures Europe on Monday. Overnight, oil prices tumbled on Monday after a key OPEC country said the oil cartel won’t trim output to shore up prices, which fueled ongoing concerns that supply far outstrips demand.

TRADING STRATEGY :

BUY GOLD ABOVE 1208 TARGET 1218 SL 1198
SELL GOLD BELOW 1190 TARGET 1180 SL 1200

Ruble hits lowest level against dollar as investors fear corporate defaults

The dollar rose to new record highs against the ruble Monday, as unraveling oil prices were compounded by fears that some of Russia’s largest companies could default on their dollar-denominated debts.

In recent trade, the dollar rose to 65.5870 rubles RUBUSD, +7.16%   — its highest level ever — as the price of West Texas Intermediate crude oil for January delivery sunk below $56 a barrel. The dollar was worth 58 rubles Friday.

Worries about the falling price of oil pushed the dollar lower against the yen Monday. The buck USDJPY, -0.35%  was worth 117.64 yen Monday, compared to ¥118.80 Friday.

The euro traded lower against the dollar at $1.24, compared to $1.25 Friday

The ICE U.S. Dollar Index DXY, -0.13%  , a measure of the greenback’s strength against a basket of six currencies, was flat for the day at 88.4360.

U.S. stocks end choppy session lower

The U.S. stock market ended Monday’s volatile session lower, as an unabated fall in oil prices continued to erode investor confidence.

The S&P 500’s SPX, -0.63% traded in a 29 point range, but ended 12.60 points, or 0.6% lower at 1,989.63. Utilities and financials were the biggest decliners, while all 10 sectors finished with losses. 

Platinum Market Update

January platinum PLF5, -0.31% lost $16.60, or 1.4%, to $1,214.90 an ounce, while March palladium PAH5, -0.44% slumped $14, or 1.7%, to $802.55 an ounce. High-grade copper for March delivery HGH5, -0.21% fell 6 cents to $2.88 a pound.

Gasoline Market Update

Nymex reformulated gasoline blendstock for January RBF5, -0.50%  — the benchmark gasoline contract — fell around 2 cents to $1.58 a gallon. Natural gas for January delivery NGF15, +0.97% fell 8 cents to around $3.72 per million British thermal units.