DAILY COMMODITY MARKET STRATEGY-12 May 2014

BASE METAL WRAP: Nickel extended gains to the highest price in two years on speculation that supplies of the metal used to make stainless steel will be tighter and prices will rise further in coming months.

ENERGY WRAP: Brent advanced for the first time in three days amid concern that increased tension in Ukraine may disrupt oil supplies from Russia, the world’s biggest energy exporter. West Texas Intermediate was steady in New York.

PRECIOUS METAL WRAP: Gold declined for a fifth day as the euro weakened against the dollar, and on speculation that the Federal Reserve will press on with reducing monetary stimulus.

GLOBAL EVENTS TO WATCH: NAB Business Confidence, FOMC Member Plosser Speaks, Federal Budget Balance.
AGRI COMMODITY
BULLION COMMODITY
CS CHANA (JUNE) OVERVIEW:
TREND BEARISH
SUP1:2995
SUP2:2950
RESIST1:3115
RESIST2:3200
TRADING STRATEGY: SELL ON RISE
CS COPPER (JUNE) OVERVIEW:
TREND CONSOLIDATE
SUP1: 407
SUP2:404
RESIST1:417
RESIST2:423
TRADING STRATEGY: BUY ON DIPS
CS JEERA (JUNE) OVERVIEW:
TREND CONSOLIDATE
SUP1:10500
SUP2:10280
RESIST1:11170
RESIST2:11465
TRADING STRATEGY: BUY ON DIPS
CS CRUDE (MAY) OVERVIEW:
TREND CONSOLIDATE
SUP1:5930
SUP2:5825
RESIST1:6140
RESIST2:6205
TRADING STRATEGY: SELL ON RISE
CS TURMERIC (JUNE) OVERVIEW:
TREND BULLISH
SUP1:6600
SUP2:6470
RESIST1:6960
RESIST2:7270
TRADING STRATEGY: BUY ON DIPS
CS GOLD (JUNE) OVERVIEW:
TREND CONSOLIDATE
SUP1:28200
SUP2:28000
RESIST1:28650
RESIST2:29100
TRADING STRATEGY: SELL ON RISE
CS SOYABEAN (JUNE) OVERVIEW:
TREND CONSOLIDATE
SUP1:4640
SUP2:4505
RESIST1:4820
RESIST2:4870
TRADING STRATEGY: BUY ON DIPS
CS SILVER (JULY) OVERVIEW:
TREND CONSOLIDATE
SUP1:40500
SUP2:39900
RESIST1:43000
RESIST2:43840
TRADING STRATEGY: SELL ON RISE

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