Tag Archives: commodities

Investigators turn attention to second forex fraud in Dubai

Investigators turn attention to second forex fraud in Dubai

As the man behind a Dh50 million forex scheme that promised to double investors’ money is arrested for a second time, investigators are now turning their attention to a second forex fraud believed to have snared thousands of Emirates crew.

Sydney Lemos, who investors claim was the protagonist in the Exential operation run from Media City, has been rearrested and is in police custody, according to lawyers. He is accused of leading a team of sellers promising 120 per cent returns on US$20,000 accounts invested in foreign currencies. The bogus Exential trading scheme was shut down by the Economic Development Department last year.

Private investigators at UK firm Carlton Huxley, who are working on behalf of 30 clients – most of whom Emirates cabin crew – claim a second fund offering similar returns could have more victims.

UTMarkets is a UK-run website with offices in Bulgaria offering investors the chance to trade Forex and other commodities.“Our lead investigators have established that some people involved in Exential may also be connected with UTMarkets,” said John Rynne, a director of Carlton Huxley. “Carlton Huxley has been retained by a number of clients to look into the conduct of those involved in UTMarkets. “We are working with the Bulgarian law firm New Balkan Law Office along with authorities in the UK and Bulgaria.” The UTMarkets website makes similar profit promises to those of Exential, which left thousands devastated by debt.

The site, which remains active, offers an “unparalleled mix of forex and commodities brokerage services that’s easy to use and completely secure”.

Fraud investigators said the UTMarkets scheme developed quickly through recommendations among airline workers in late 2015 and early last year as Exential started to collapse.

“We have grounds to believe there are about 6,000 UTMarkets victims, 95 per cent of whom work for Emirates airline,” said one of the UK investigators, who has visited Dubai several times to interview account holders of both schemes. “We are keeping the legal department of Emirates informed and have identified people who appear to have been actively involved with Exential who are also involved in UTMarkets.”

Several UTMarkets account managers were approached for comment, but none responded. Asif, an Emirates ground crew employee from India who has been in Dubai for 11 years, borrowed about Dh110,000 to invest in UTMarkets in January 2016. He earns Dh15,000 a month.

He was paid about Dh7,000 a month for five months, but was encouraged to reinvest most of that by relationship managers working from an office in Sofia, Bulgaria. “I had heard of Exential for years, but had not invested,” he said. I was hoping to plan for my future with my wife, and heard Exential account holders were having problems, so invested with UTMarkets instead. They were offering almost twice as much in monthly returns. “My friends and colleagues at Emirates persuaded me that UTMarkets was a better investment.”

He claims many who lost out through Exential ploughed more money from loans and credit cards into the UTMarkets funds in an attempt to recover their initial deposits. Asif, who took no financial advice before handing over the cash, said he is owed about Dh84,500 from UTMarkets and was kept informed by his relationship managers via a What’sApp group that is no longer posting. “One of my friends has invested $30,000, another $50,000,” he said. “There are a lot of people in Dubai with big financial commitments to this. The conversation with UTMarkets stopped when they stopped paying out each month. The account managers have all now disappeared. It’s hard to know if the trading information they were giving us was real, or fake.” Carlton Huxley is planning a series of free to attend educational seminars later this year in Dubai to warn about the dangers of investing in similar schemes.


Gold Market Report

Gold Market Report


Gold broke below the medium term ascending channel pattern at 1210 and below the 100h MA. It hit the daily high at 1209 and after hitting the daily low at 1193 managed to rebound just to give us a nice entry point for short position.




Gold price hits strong resistance today at 1220, another two-month high, but i expect it to bounce lower again to approach 1209.00 level, while the price remains within the bullish channel that carries the trading since the end of the last year. 1220/oz might be the top of the bear market correction as bears sell in to this level. The bear trend is likely to resume the next couple of days, and a price below 1109 helps to confirm a negative outlook & a top in place, targeting 1200 and then the strong support at 1195.

Disclaimer: Trading foreign exchange (“Forex”), Commodity futures, options, CFDs and SpreadBetting on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange (“Forex”), Commodity futures, options, CFDs or SpreadBetting you should carefully consider your monetary objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your deposited funds and therefore you should not speculate with capital that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange, Commodity futures, options, CFDs and SpreadBetting trading, and seek advice from an independent advisor if you have any doubts. Past returns are not indicative of future results.


Gold above 1180/oz

Gold above 1180/oz

Gold XAUUSD is trading again in positive territory today for ninth session in the last eleven. US Dollar retracement was seen benefiting dollar-denominated commodities. The price is trading above the 50h MA and above the 100h MA supporting the bullish scenario. MACD and momentum indicators are bullish. First resistance is near the 1192 area the 61.8% Fibo retracement level of the mid-November – mid-December range and next in 1200 psychological mark.



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Crude Oil Sell Signal

Crude Oil Sell Signal

Crude oil broke below a triple-bottom on Thursday July 7th and the price action today points to more downside ahead. Crude oil rallied early in US trading session and touched as high as $45.77 but has faded once again and is now trading at a session low. Investors loved risk today and think what will happen tomorrow when they turn more risk averse.
Crude oil marked the worst level since May 11, 2016.
The retest of the old range and nearly immediate failure is a negative short-term signal.

In the bigger picture, the July-October seasonal period is the worst time of year for the commodity.

Enter a short positon at 44.45, take profit at 43.10 and stop loss at 45.11


Factors Affecting Oil Prices

Factors Affecting Oil Prices

Crude Oil prices are determined by commodities traders who buy oil futures contracts in the commodities market. These contracts are agreements to buy or sell oil at a specific date in the future for an agreed-upon price. They are executed on the floor of a commodity exchange by traders and investors who are registered with the Commodities Futures Trading Commission. Commodities have been traded for more than 100 years, and have been regulated by the CFTC since the 1920s.
Commodities traders fall into two categories. Most are representatives of companies who actually use oil. They buy oil for delivery at a future date at the fixed price. That way, they know the price of the oil, can plan for it financially, and therefore reduce (or hedge) the risk to their corporations. Traders in the second category are actual speculators. Their only motive is to make money from changes in the price of oil.

First, is oil supply in terms of output.

This has historically been controlled by OPEC countries. However, U.S. shale oil production doubled between 2011 and 2014. This created an oil glut. Traders bid the price down to $45/barrel in 2014. Prices fell again in December 2015 fell to $36.87 a barrel. Normally, OPEC would cut supply to keep oil at its target of $70 a barrel. This time, it allowed prices to fall, since it won’t lose money unless oil is $20 a barrel.
Shale producers need $40-$50 a barrel to pay the high-yield bonds they used for financing. OPEC bet the shale oil producers would go out of business, allowing it to keep its dominant market share. It didn’t happen in 2015, but could yet occur in 2016.

Second is access to future supply, which depends on oil reserves.

This includes what’s available in U.S. refineries and the Strategic Petroleum Reserves. These reserves can be accessed very easily, increasing oil supply if prices get too high. Saudi Arabia can also tap into its large reserve capacity.

Third, is oil demand, particularly from the United States.

These estimates are provided monthly by the Energy Information Agency. Demand usually rises during the summer vacation driving season. To predict summer-time demand, forecasts for travel from AAA are used to determine potential gasoline use. During the winter, weather forecasts are used to determine potential home heating oil use.

China’s Economy. China is the second largest consumer of oil in the world and surpassed the United States as the largest importer of liquid fuels in late 2013. More importantly for oil prices is how much China’s consumption will increase in the coming years. According to the EIA, China is expected burn through 3 million more barrels per day in 2020 compared to 2012, accounting for about one-quarter of global demand growth over that timeframe. Although there is much uncertainty, China just delivered a disappointing fourth quarter, capping off its slowest annual growth in over a quarter century. It is not at all obvious that China will be able to halt its sliding growth rate, but the trajectory of China’s economy will significantly impact oil prices in 2016.

Crude Oil Sell Signal




Morgan Stanley further exits physical commodities business

CME Group plans to launch a London-based Cocoa contract within the next year

Coffee futures move higher as Brazil supply forecast lowered

Gold futures climb above $1,306/oz on Comex

EIA Natural Gas Inventory: -57 bcf vs. consensus of -54 bcf and -48 bcf last week. Futures +1.6% to $4.466.

Silver Bullion Pte – a Singapore supplier of coins and bars to retail investors – is opening the vault after sales doubled to 1.04M ounces last year

Shanghai-traded copper futures fell over 5%

North Sea Brent crude oil traded in the narrowest price range since 2006 last year, according to the EIA. Moreover daily fluctuations were the lowest in a decade. The minimum closing price for 2013 was $97.69 per barrel (bbl) on April 17, and the maximum closing price was $118.90/bbl on February 8, representing a trading range of $21.21 for the year.

Gold spike over 2.5% on Ukraine concern

Oil rose, while gold and stock markets sank in response to developments in Ukraine. Russian troops controlled all Ukrainian border posts on the strategic peninsula of Crimea. European and U.S. officials warned Russia against escalating the crisis

Oil spike over 2.2% on Ukraine concern

Droughts have been crushing beef prices. Live cattle contracts hit $1.43/lb. yesterday, the highest since the contract started in 1964

Natural gas contracts hit $5 for the first time since 2010

The strike at South African platinum mines has paralyzed the world’s three biggest producers of the metal for a second day, as talks to resolve the dispute over pay brake up until next Monday.

Orange juice futures are expected to rise after a widespread bug disease in Florida is causing fruit to drop early.