DAILY COMMODITY MARKET STRATEGY-15 May 2014

BASE METAL WRAP: Nickel slumped the most in 31 months as investors judged the metal’s rally this year as overdone. Inventories of refined metal tracked by the LME have risen 6.6 percent in 2014, belying concern that a ban on raw ore exports by Indonesia would rapidly drain supplies.

ENERGY WRAP: West Texas Intermediate slid from a three-week high after government data showed crude inventories expanded as production increased to a 28-year peak in the U.S., the world’s biggest oil consumer. Brent was steady in London.

PRECIOUS METAL WRAP: Gold traded near a one-week high as investors weighed the conflict in Ukraine against the outlook for the U.S. economy and further reductions in stimulus. Palladium dropped from the highest level since August 2011.

GLOBAL EVENTS TO WATCH: Annual Budget Release, BOJ Gov Kuroda Speaks, German Prelim GDP q/q, Manufacturing Sales m/m, Core CPI m/m, Unemployment Claims, CPI m/m, Empire State Manufacturing Index, Capacity Utilization Rate, TIC Long-Term Purchases, Industrial Production m/m, Philly Fed Manufacturing Index, Mortgage Delinquencies, NAHB Housing Market Index, Natural Gas Storage.
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: 414
SUP2:407
RESIST1:420
RESIST2:424
TRADING STRATEGY: BUY ON DIPS
CS JEERA (JUNE) OVERVIEW:
TREND CONSOLIDATE
SUP1:10760
SUP2:10500
RESIST1:11465
RESIST2:11670
TRADING STRATEGY: BUY ON DIPS
CS CRUDE (MAY) OVERVIEW:
TREND CONSOLIDATE
SUP1:5930
SUP2:5825
RESIST1:6140
RESIST2:6205
TRADING STRATEGY: BUY ON DIPS
CS TURMERIC (JUNE) OVERVIEW:
TREND CONSOLIDATE
SUP1:6470
SUP2:6200
RESIST1:6890
RESIST2:6970
TRADING STRATEGY: SELL ON RISE
CS GOLD (JUNE) OVERVIEW:
TREND CONSOLIDATE
SUP1:28200
SUP2:28000
RESIST1:28800
RESIST2:29100
TRADING STRATEGY: SELL ON RISE
CS SOYABEAN (JUNE) OVERVIEW:
TREND CONSOLIDATE
SUP1:4600
SUP2:4540
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: BUY ON DIPS



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