Return to: Finance News

Daily Comex Commodity Report of 02 February 2018 by Epic Research



INTERNATIONAL COMMODITY NEWS

Several key commodities traders are leaving Goldman Sachs Group Inc (NYSE:GS), sources said on Wednesday, the latest wrinkle as the Wall Street firm seeks to turn around its struggling commodities unit. Those leaving include Don Casturo, operating chief of global commodities; Saad Usmani, a London-based managing director who traded crude oil and natural gas; Rahul Dhir, who traded refined oil products; and Will Evans, a global franchise manager, according to people familiar with the matter, and a Jan. 30 memo announcing Casturo's departure seen by Reuters. The sources requested anonymity because they were not authorized to speak to the media. While Goldman posted its first quarterly loss since 2011 of $4.4 billion due to changes to the U.S. tax law passed by Congress in December, analysts and investors have been closely watching the decline of its trading book.

Gold prices remained slightly lower on Thursday, but losses were expected to remain limited as sentiment on the greenback remained vulnerable despite upbeat U.S. data and a hawkish outlook by the Federal Reserve. Comex gold futures were down 0.10% at $1,341.90 a troy ounce by 08:40 a.m. ET (12:40 GMT). The U.S. Department of Labor reported on Thursday that initial jobless claims decreased by 1,000 to 230,000 in the week ending January 27. Analysts had expected jobless claims to rise to 238,000 last week. The greenback briefly rebounded after the Fed, at the conclusion of its policy meeting on Wednesday, signaled its confidence about inflation and growth in the U.S. The Fed said that inflation is likely to rise this year, boosting expectations for further interest rate hikes under incoming central bank head Jerome Powell. The Fed left rates unchanged on Wednesday, in widely expected move.

Natural gas futures fell sharply on Wednesday, as updated weather forecasting models called for milder weather, which should dampen demand for the heating fuel. Front-month U.S. natural gas futures tumbled 13.0 cents, or around 4.1%, to $3.065 per million British thermal units (btu) by 9:10AM ET (1410GMT), after hitting a three-week low of $3.022 earlier in the session. The commodity rose almost 0.9% on Tuesday as traders reacted to a blast of cold weather which upped demand for the heating fuel. But fresh models released overnight showed that temperatures won't be as cold as previously expected through both the upcoming six- to 10-day and eight- to 14-day periods. Natural gas prices typically rise during the winter months as colder weather sparks indoor-heating demand. The heating season from November through March is the peak demand period for U.S. gas consumption.

TRADING STRATEGY :

BUY GOLD ABOVE 1345 TGT 1350 1360 SL BELOW 1345
SELL GOLD BELOW 1335 TGT 1330 1320 SL ABOVE 1345

Epic Research Limited is a leading financial advisory services provider firm .We have designed services for different investors as per their needs like equity tips, comex tips, stock tips, commodity tips and many more to serve our clients. We offer regular services for investors with less capital and premium services for massive investors looking for higher returns on investments with bigger targets.

Want to take a FREE TRIAL? Visit our site link below and become a part of our Epic family. Happy trading.

http://www.epicresearch.co/
or

mail us @ info@epicresearch.co

Also you can Whatsapp us at :7049084664

Our Office:411 Milinda Manor, 2 RNT Road, Indore 452 ...

News Release: Daily Comex Commodity Report of 02 February 2018 by Epic Research
Submitted on: February 02, 2018 04:58:18 AM
Submitted by: EpicResearch
On behalf of: www.epicresearch.co/
advertisement