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Daily Comex Commodity Report of 9th November 2017 by Epic Research



INTERNATIONAL COMMODITY NEWS

Gold prices turned higher on Wednesday, as concerns over a potential U.S. tax overhaul weighed on the dollar, while geopolitical tensions with North Korea and in the Middle East prompted investors to flock to safer assets. Comex gold futures were up 0.26% at $1,279.06 a troy ounce by 04:05 a.m. ET (08:05 GMT). The greenback was hit by reports that a key corporate tax cut currently under discussion in U.S. tax reforms plans could be delayed for one year. The Washington Post reported on Tuesday that Senate Republican leaders are thinking of postponing the implementation of the major corporate tax cut to comply with Senate rules. The U.S. dollar had been supported in recent session by hopes the U.S. administration's tax cuts could boost the economy. The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was steady at 94.74. Gold is sensitive to moves in the dollar.

Oil prices fell on Wednesday as Chinese crude imports slipped to their lowest level in a year, although traders said the overall market remains well supported because of OPEC-led supply cuts. Traders said they were closely eyeing escalating tensions in the Middle East, especially between regional rivals Saudi Arabia and Iran. Brent futures (LCOc1) were at $63.43 per barrel at 0744 GMT, down 26 cents, or 0.4 percent. The decline follows Brent rising to an over two-year high of $64.65 earlier this week. U.S. West Texas Intermediate (WTI) crude (CLc1) was at $56.90 per barrel, down 30 cents, or 0.5 percent, from its last settlement. WTI also marked its highest in over two years earlier this week, at $57.69. China's October oil imports fell sharply from a near record-high of about 9 million barrels per day (bpd) in September to just 7.3 million bpd, data from the General Administration of Customs showed on Wednesday.

ConocoPhillips (N:COP), the largest U.S. independent oil andnatural gas producer, said on Wednesday it will spend an average of $5.5 billion annually for the rest of the decade on capital projects as long as oil prices (CLc1) stay above $50 per barrel. The spending forecast, an increase from 2017 levels and higher than many Wall Street analysts had expected, comes as Conoco, like some peers, focuses more on generating profits than on boosting production at any cost. Much of that discipline is aided by better technology and more efficient processes that help the company pump more for less. The company expects production to grow 5 percent each year for the rest of the decade. Executive said they should be able to send more than 30 percent of cash flow back to shareholders in the form of dividends and share buybacks by 2020.

TRADING STRATEGY :

BUY GOLD ABOVE 1280 TGT 1285 1295 SL BELOW 1270
SELL GOLD BELOW 1260 TGT 1255 1245 SL ABOVE 1370

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News Release: Daily Comex Commodity Report of 9th November 2017 by Epic Research
Submitted on: November 09, 2017 05:32:20 AM
Submitted by: EpicResearch
On behalf of: www.epicresearch.co/
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