DAILY COMMODITY MARKET STRATEGY-9 MAY

BASE METAL WRAP: Nickel rallied to a two-year high, exceeding $20,000, as a plant closure in New Caledonia by Vale (VALE5) SA, the second-biggest producer, fueled global supply concerns already exacerbated by Indonesia’s ore-export ban.

ENERGY WRAP: West Texas Intermediate headed for its first weekly advance since April as crude stockpiles shrank for the first time in more than a month in the U.S., the world’s biggest oil consumer. Brent was steady in London. Natural gas futures fell the most in 10 weeks after a government report showed a bigger-than-forecast U.S. inventory increase.

PRECIOUS METAL WRAP: Gold futures declined for a third straight day as gains in equities curb demand for the precious metal as an alternative investment.

GLOBAL EVENTS TO WATCH: RBA Monetary Policy Statement, CPI y/y, Manufacturing Production m/m, Employment Change, Unemployment Rate, JOLTS Job Openings, Wholesale Inventories m/m.
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
RESIST1:414
RESIST2:423
TRADING STRATEGY: SELL ON RISE
CS JEERA (JUNE) OVERVIEW:
TREND CONSOLIDATE
SUP1:10500
SUP2:10280
RESIST1:11260
RESIST2:11500
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
SUP1:6600
SUP2:6470
RESIST1:6960
RESIST2:7270
TRADING STRATEGY: BUY ON DIPS
CS GOLD (JUNE) OVERVIEW:
TREND CONSOLIDATE
SUP1:28200
SUP2:28000
RESIST1:28850
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
SUP1:41500
SUP2:40500
RESIST1:43000
RESIST2:43840
TRADING STRATEGY: SELL ON RISE

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