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