DAILY COMMODITY MARKET STRATEGY-27 june 2014
BASE METAL WRAP: Copper fell, paring a second weekly advance, amid concern that demand to use metals as collateral for loans may decline in China and as a Federal Reserve official signalled U.S. interest rates could rise by March. Zinc rose, trading near a 16-month high, as inventories in warehouses tracked by the London Metal Exchange declined amid signs of improving demand.
ENERGY WRAP: Natural gas futures posted the biggest one-day drop in seven weeks after U.S. stockpiles increased more than forecast last week. Brent and West Texas Intermediate crudes headed for the first weekly declines since violence erupted in northern Iraq, as the crisis has so far spared oil output from OPEC’s second-largest producer.
PRECIOUS METAL WRAP: Gold traded below a two-month high, on course for the first back-to-back quarterly advance since 2011, as investors assessed the outlook for borrowing costs in the U.S. and physical demand.
GLOBAL EVENTS TO WATCH: Trade Balance, German Prelim CPI m/m, Current Account, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations.
ENERGY WRAP: Natural gas futures posted the biggest one-day drop in seven weeks after U.S. stockpiles increased more than forecast last week. Brent and West Texas Intermediate crudes headed for the first weekly declines since violence erupted in northern Iraq, as the crisis has so far spared oil output from OPEC’s second-largest producer.
PRECIOUS METAL WRAP: Gold traded below a two-month high, on course for the first back-to-back quarterly advance since 2011, as investors assessed the outlook for borrowing costs in the U.S. and physical demand.
GLOBAL EVENTS TO WATCH: Trade Balance, German Prelim CPI m/m, Current Account, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations.
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AGRI
COMMODITY
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BULLION
COMMODITY
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CS
CHANA (JULY) OVERVIEW:
TREND
CONSOLIDATE
SUP1:2788
SUP2:2760
RESIST1:2876
RESIST2:2935
TRADING
STRATEGY: BUY ON DIPS |
CS
COPPER (JUNE) OVERVIEW:
TREND
CONSOLIDATE
SUP1:415
SUP2:412
RESIST1:423
RESIST2:424
TRADING
STRATEGY: BUY ON DIPS |
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CS
JEERA (JULY) OVERVIEW:
TREND
CONSOLIDATE
SUP1:11150
SUP2:11000
RESIST1:11350
RESIST2:11500
TRADING
STRATEGY: BUY ON DIPS |
CS
CRUDE (JULY) OVERVIEW:
TREND
CONSOLIDATE
SUP1:6340
SUP2:6300
RESIST1:6450
RESIST2:6500
TRADING
STRATEGY: BUY ON DIPS |
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CS
TURMERIC (JULY) OVERVIEW:
TREND
CONSOLIDATE
SUP1:6316
SUP2:6164
RESIST1:6550
RESIST2:6640
TRADING
STRATEGY: SELL ON RISE |
CS
GOLD (AUG) OVERVIEW:
TREND
CONSOLIDATE
SUP1:27400
SUP2:27100
RESIST1:27900
RESIST2:28300
TRADING
STRATEGY: BUY ON DIPS |
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CS
SOYABEAN (JULY) OVERVIEW:
TREND
BEARISH
SUP1:3890
SUP2:3845
RESIST1:4020
RESIST2:4050
TRADING
STRATEGY: SELL ON RISE |
CS
SILVER (JULY) OVERVIEW:
TREND
CONSOLIDATE
SUP1:43840
SUP2:43000
RESIST1:45000
RESIST2:45700
TRADING
STRATEGY: BUY ON DIPS |
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