KLSE Comex Recommendations

INTERNATIONAL COMMODITY NEWS :

Copper prices plunged in Asia on wednesday with investors pointing to demand concerns in China, but no specific events that would trigger a further decline from overnight. Copper for March delivery plunged 4.30% to $2.492 a pound, after hitting a daily overnight low of $2.639, a level not seen since August 2009.Strong trade data from China on Tuesday, the world’s largest copper consumer, failed to boost sentiment.The Asian nation reported a trade surplus of $49.6 billion in December, broadly in line with expectations. Exports jumped 9.7% in December, but imports rose by a smaller-than-forecast 2.4%, pointing to weak domestic demand.

TRADING STRATEGY :
SELL GOLD BELOW 1224 TARGET 1219 1213 SL 1230
BUY GOLD ABOVE 1240 TARGET 1245 1251 SL 1234

Forex Market Update

 The U.S. dollar extended its gains against the euro, but surrendered earlier gains against the yen and the pound as Nymex-traded crude oil futures clung to the $45-a-barrel level and the U.S. Energy Information Administration said oil supplies will outpace demand through 2016.

The pound GBPUSD, -0.01%  hit a low of $1.5076 after price-inflation data for the U.K. registered the weakest reading in 14 years. It recovered to $1.5152, flat compared to its level of $1.5172 Monday afternoon, after the U.S. Energy Information Agency said oil prices will likely remain subdued through 2016, which weighed on the dollar.

The ICE Dollar index DXY, -0.10% which measures the greenback’s strength against a trade-weighted basket of six rival currencies, rose 0.35% to 92.2980.

The dollar rose USDNOK, -0.04% to 7.76 Norwegian krone, compared to 7.75 Monday afternoon. 

S&P Market News Update

The U.S. stock market ended Tuesday’s volatile session, punctuated by massive triple-digit swings in the key benchmarks, slightly lower.


The S&P 500 SPX, -0.26%  fell for the third day in a row, with eight of its 10 main industry groupings finishing lower. Materials and energy sector stocks sold off sharply. The index lost 5.22 points, or 0.3%, to 2,023.04.

Heating Oil Market Update

February heating oil HOG5, -1.46%  declined 2 cents, or 1.3%, to $1.6339 on Nymex, the lowest finish since July 16, 2009.

Gas Market Update

Natura gas for February delivery NGG15, +0.27%  bucked the trend, up nearly 15 cents, or 5.3%, to end at $2.9430 per million British thermal units.