DAILY COMMODITY MARKET STRATEGY-21 May 2014

 BASE METAL WRAP: Copper futures ended lower, as investors took profits after a rally that has seen prices rebound to the highest level in two months.

ENERGY WRAP:
West Texas Intermediate rose for the third time in four days after industry data showed crude inventories slid in the U.S., the world’s biggest oil consumer. Brent was steady in London.

PRECIOUS METAL WRAP:
Investors are shunning gold again, sending holdings in the world’s largest exchange-traded product backed by bullion to the lowest since December 2008.

GLOBAL EVENTS TO WATCH: Monetary Policy Statement, BOJ Press Conference, MPC Asset Purchase Facility Votes, MPC Official Bank Rate Votes, Retail Sales m/m, FOMC Member Dudley Speaks, Crude Oil Inventories, Fed Chair Yellen Speaks, FOMC Member Kocherlakota Speaks, FOMC Meeting Minutes.
AGRI COMMODITY
BULLION COMMODITY
CS CHANA (JUNE) OVERVIEW:
TREND BEARISH
SUP1:2950
SUP2:2875
RESIST1:3035
RESIST2:3090
TRADING STRATEGY: SELL ON RISE
CS COPPER (JUNE) OVERVIEW:
TREND CONSOLIDATE
SUP1: 407
SUP2:404
RESIST1:420
RESIST2:424
TRADING STRATEGY: BUY ON DIPS
CS JEERA (JUNE) OVERVIEW:
TREND CONSOLIDATE
SUP1:10910
SUP2:10760
RESIST1:11465
RESIST2:11670
TRADING STRATEGY: BUY ON DIPS
CS CRUDE (JUNE) OVERVIEW:
TREND CONSOLIDATE
SUP1:5930
SUP2:5830
RESIST1:6110
RESIST2:6184
TRADING STRATEGY: BUY ON DIPS
CS TURMERIC (JUNE) OVERVIEW:
TREND CONSOLIDATE
SUP1:6470
SUP2:6270
RESIST1:6890
RESIST2:6970
TRADING STRATEGY: SELL ON RISE
CS GOLD (JUNE) OVERVIEW:
TREND CONSOLIDATE
SUP1:27800
SUP2:27340
RESIST1:28420
RESIST2:28800
TRADING STRATEGY: SELL ON RISE
CS SOYABEAN (JUNE) OVERVIEW:
TREND CONSOLIDATE
SUP1:4340
SUP2:4140
RESIST1:4485
RESIST2:4650
TRADING STRATEGY: BUY ON DIPS
CS SILVER (JULY) OVERVIEW:
TREND CONSOLIDATE
SUP1:40500
SUP2:39900
RESIST1:41750
RESIST2:43000
TRADING STRATEGY: SELL ON RISE

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