DAILY COMMODITY MARKET STRATEGY-5 June 2014

BASE METAL WRAP: Copper traded near a three-week low as investors weighed shrinking stockpiles against reports of a probe of metals warehousing at a Chinese port.

ENERGY WRAP: West Texas Intermediate fell for a second day as crude stockpiles remained near record-high levels amid declining fuel demand in the U.S., the world’s biggest oil consumer. Brent decreased in London.

PRECIOUS METAL WRAP:
Gold held near a four-month low as investors awaited a European Central Bank monetary policy decision and U.S. economic data that may support further reductions to the Federal Reserve’s asset purchases.

GLOBAL EVENTS TO WATCH:
Trade Balance, G7 Meetings, Asset Purchase Facility, Official Bank Rate, MPC Rate Statement, Challenger Job Cuts y/y, Minimum Bid Rate, Building Permits m/m, ECB Press Conference, Unemployment Claims, Ivey PMI, Natural Gas Storage, FOMC Member Kocherlakota Speaks.
AGRI COMMODITY
BULLION COMMODITY
CS CHANA (JUNE) OVERVIEW:
TREND CONSOLIDATE
SUP1:2740
SUP2:2695
RESIST1:2880
RESIST2:2952
TRADING STRATEGY: BUY ON DIPS
CS COPPER (JUNE) OVERVIEW:
TREND CONSOLIDATE
SUP1: 404
SUP2:396
RESIST1:410
RESIST2:412
TRADING STRATEGY: SELL ON RISE
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: SELL ON RISE
CS TURMERIC (JUNE) OVERVIEW:
TREND CONSOLIDATE
SUP1:5880
SUP2:5780
RESIST1:6200
RESIST2:6320
TRADING STRATEGY: BUY ON DIPS
CS GOLD (AUG) OVERVIEW:
TREND CONSOLIDATE
SUP1:25600
SUP2:24960
RESIST1:26000
RESIST2:26300
TRADING STRATEGY: SELL ON RISE
CS SOYABEAN (JUNE) OVERVIEW:
TREND CONSOLIDATE
SUP1:4320
SUP2:4140
RESIST1:4505
RESIST2:4672
TRADING STRATEGY: BUY ON DIPS
CS SILVER (JULY) OVERVIEW:
TREND CONSOLIDATE
SUP1:39300
SUP2:38500
RESIST1:40200
RESIST2:40900
TRADING STRATEGY: SELL ON RISE

1 comment:

  1. Chana ended with losses as approaching monsoon rains over the Southern coast kept buying interest limited, as per the information from Gold Trading Advisory Company.

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