DAILY COMMODITY MARKET STRATEGY-17 June 2014
BASE METAL WRAP: Copper futures rose for the second straight session on signs that demand will pick up as economies gain in China, the world’s top consumer of industrial metals, and the U.S. manufacturing output and factory data, the second-biggest.
ENERGY WRAP: West Texas Intermediate fell as a technical indicator shows last week’s increase to the highest price in nine months was excessive. Brent in London dropped amid speculation Iraqi forces will slow the advance of insurgents. U.S. crude inventories probably shrank by 750,000 barrels in the week ended June 13.
PRECIOUS METAL WRAP: Gold extended a decline from the highest level in three weeks before the U.S. Federal Reserve begins a two-day policy meeting today and as investors assessed the tension in Iraq and Ukraine. Silver for immediate delivery decreased 0.4 percent to $19.5828 an ounce. Silver is taking its cues from gold but also being weighed down by the IMF downgrade of US growth and disappointing data from China.
GLOBAL EVENTS TO WATCH: Monetary Policy Meeting Minutes, CPI y/y, German ZEW Economic Sentiment, Building Permits, Core CPI m/m, CPI m/m, Housing Starts.
ENERGY WRAP: West Texas Intermediate fell as a technical indicator shows last week’s increase to the highest price in nine months was excessive. Brent in London dropped amid speculation Iraqi forces will slow the advance of insurgents. U.S. crude inventories probably shrank by 750,000 barrels in the week ended June 13.
PRECIOUS METAL WRAP: Gold extended a decline from the highest level in three weeks before the U.S. Federal Reserve begins a two-day policy meeting today and as investors assessed the tension in Iraq and Ukraine. Silver for immediate delivery decreased 0.4 percent to $19.5828 an ounce. Silver is taking its cues from gold but also being weighed down by the IMF downgrade of US growth and disappointing data from China.
GLOBAL EVENTS TO WATCH: Monetary Policy Meeting Minutes, CPI y/y, German ZEW Economic Sentiment, Building Permits, Core CPI m/m, CPI m/m, Housing Starts.
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AGRI
COMMODITY
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BULLION
COMMODITY
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CS
CHANA (JULY) OVERVIEW:
TREND
CONSOLIDATE
SUP1:2870
SUP2:2830
RESIST1:2935
RESIST2:2982
TRADING STRATEGY: BUY ON
DIPS |
CS
COPPER (JUNE) OVERVIEW:
TREND
CONSOLIDATE
SUP1:
405
SUP2:400
RESIST1:410
RESIST2:416
TRADING STRATEGY: BUY ON
DIPS |
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CS
JEERA (JULY) OVERVIEW:
TREND
CONSOLIDATE
SUP1:10760
SUP2:10700
RESIST1:10980
RESIST2:11080
TRADING STRATEGY: SELL ON
RISE |
CS
CRUDE (JUNE) OVERVIEW:
TREND
BULLISH
SUP1:6400
SUP2:6350
RESIST1:6475
RESIST2:6550
TRADING STRATEGY: BUY ON
DIPS |
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CS
TURMERIC (JULY) OVERVIEW:
TREND
CONSOLIDATE
SUP1:6200
SUP2:6150
RESIST1:6440
RESIST2:6680
TRADING STRATEGY: BUY ON
DIPS |
CS
GOLD (AUG) OVERVIEW:
TREND
CONSOLIDATE
SUP1:26490
SUP2:26190
RESIST1:27100
RESIST2:27525
TRADING STRATEGY: BUY ON
DIPS |
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CS
SOYABEAN (JULY) OVERVIEW:
TREND
BEARISH
SUP1:4140
SUP2:4050
RESIST1:4200
RESIST2:4230
TRADING STRATEGY: SELL ON
RISE |
CS
SILVER (JULY) OVERVIEW:
TREND
CONSOLIDATE
SUP1:41900
SUP2:41400
RESIST1:43000
RESIST2:43840
TRADING STRATEGY: SELL ON
RISE |
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