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.

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