DAILY COMMODITY MARKET STRATEGY-11 June 2014

BASE METAL WRAP: Copper looks weak as an investigation into metal financing in China prompted concern that a crackdown could hit trade in the metal, while aluminium and zinc retreated from multi-month highs as traders cashed in on recent gains.

ENERGY WRAP:
West Texas Intermediate traded near the highest price in three months amid speculation that crude inventories fell for a second week in the U.S., the world’s biggest oil consumer. Brent was steady in London.

PRECIOUS METAL WRAP:
Gold rose toward the highest level in almost two weeks as prices that declined to a four-month low spurred physical purchases. Platinum and palladium holdings in exchange-traded products expanded to records.

GLOBAL EVENTS TO WATCH: Westpac Consumer Sentiment, OPEC Meetings, Claimant Count Change, Unemployment Rate, Crude Oil Inventories, 10-y Bond Auction, Federal Budget Balance.

AGRI COMMODITY
BULLION COMMODITY
CS CHANA (JULY) OVERVIEW:
TREND BEARISH
SUP1:2740
SUP2:2650
RESIST1:2840
RESIST2:2880
TRADING STRATEGY: SELL ON RISE
CS COPPER (JUNE) OVERVIEW:
TREND CONSOLIDATE
SUP1: 397
SUP2:394
RESIST1:404
RESIST2:407
TRADING STRATEGY: SELL ON RISE
CS JEERA (JULY) OVERVIEW:
TREND CONSOLIDATE
SUP1:10700
SUP2:10530
RESIST1:11000
RESIST2:11250
TRADING STRATEGY: SELL ON RISE
CS CRUDE (JUNE) OVERVIEW:
TREND BULLISH
SUP1:6150
SUP2:6100
RESIST1:6270
RESIST2:6340
TRADING STRATEGY: BUY ON DIPS
CS TURMERIC (JULY) OVERVIEW:
TREND CONSOLIDATE
SUP1:5850
SUP2:5750
RESIST1:6070
RESIST2:6320
TRADING STRATEGY: SELL ON RISE
CS GOLD (AUG) OVERVIEW:
TREND CONSOLIDATE
SUP1:25940
SUP2:25600
RESIST1:26400
RESIST2:26920
TRADING STRATEGY: SELL ON RISE
CS SOYABEAN (JULY) OVERVIEW:
TREND CONSOLIDATE
SUP1:4180
SUP2:4140
RESIST1:4420
RESIST2:4550
TRADING STRATEGY: SELL ON RISE
CS SILVER (JULY) OVERVIEW:
TREND CONSOLIDATE
SUP1:40100
SUP2:39800
RESIST1:40800
RESIST2:41500
TRADING STRATEGY: SELL ON RISE

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