DAILY COMMODITY MARKET STRATEGY-3 June 2014
BASE METAL WRAP: Copper rose as Chinese manufacturing grew at the fastest pace in five months. The Standard & Poor’s 500 Index advanced to close at a record for a third straight day.
ENERGY WRAP: West Texas Intermediate swung between gains and losses amid speculation that crude stockpiles fell from a near-record high in the U.S., the world’s biggest oil consumer. Brent was steady in London.
PRECIOUS METAL WRAP: Gold held near a four-month low as signs that the U.S. economy is improving drove advances in the dollar and equities, eroding demand for alternative investments.
GLOBAL EVENTS TO WATCH: Non-Manufacturing PMI, HSBC Final Manufacturing PMI, Cash Rate, RBA Rate Statement, Construction PMI, CPI Flash Estimate y/y, Factory Orders m/m, IBD/TIPP Economic Optimism, Total Vehicle Sales.
ENERGY WRAP: West Texas Intermediate swung between gains and losses amid speculation that crude stockpiles fell from a near-record high in the U.S., the world’s biggest oil consumer. Brent was steady in London.
PRECIOUS METAL WRAP: Gold held near a four-month low as signs that the U.S. economy is improving drove advances in the dollar and equities, eroding demand for alternative investments.
GLOBAL EVENTS TO WATCH: Non-Manufacturing PMI, HSBC Final Manufacturing PMI, Cash Rate, RBA Rate Statement, Construction PMI, CPI Flash Estimate y/y, Factory Orders m/m, IBD/TIPP Economic Optimism, Total Vehicle Sales.
AGRI
COMMODITY
|
BULLION
COMMODITY
|
CS
CHANA (JUNE) OVERVIEW:
TREND
CONSOLIDATE
SUP1:2740
SUP2:2695
RESIST1:2880
RESIST2:2952
TRADING
STRATEGY: SELL ON RISE |
CS
COPPER (JUNE) OVERVIEW:
TREND
CONSOLIDATE
SUP1:
410
SUP2:407
RESIST1:417
RESIST2:419
TRADING
STRATEGY: BUY ON DIPS |
CS
JEERA (JUNE) OVERVIEW:
TREND
CONSOLIDATE
SUP1:10710
SUP2:10500
RESIST1:11260
RESIST2:11460
TRADING
STRATEGY: SELL ON RISE |
CS
CRUDE (JUNE) OVERVIEW:
TREND
CONSOLIDATE
SUP1:6050
SUP2:6000
RESIST1:6140
RESIST2:6200
TRADING
STRATEGY: BUY ON DIPS |
CS
TURMERIC (JUNE) OVERVIEW:
TREND
CONSOLIDATE
SUP1:5950
SUP2:5900
RESIST1:6170
RESIST2:6320
TRADING
STRATEGY: SELL ON RISE |
CS
GOLD (AUG) OVERVIEW:
TREND
BEARISH
SUP1:25600
SUP2:24960
RESIST1:26070
RESIST2:26250
TRADING
STRATEGY: SELL ON RISE |
CS
SOYABEAN (JUNE) OVERVIEW:
TREND
CONSOLIDATE
SUP1:4320
SUP2:4140
RESIST1:4505
RESIST2:4672
TRADING
STRATEGY: SELL ON RISE |
CS
SILVER (JULY) OVERVIEW:
TREND
BEARISH
SUP1:39300
SUP2:38500
RESIST1:39860
RESIST2:40200
TRADING
STRATEGY: SELL ON RISE |
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