DAILY COMMODITY MARKET STRATEGY-10 July 2014

BASE METAL WRAP: China's copper imports fell 7.9 percent month-on-month in June, dropping as Chinese banks reduced lending for metals imports following a probe into an alleged metals fraud at Qingdao port.

ENERGY WRAP:
West Texas Intermediate fell for a 10th day, the longest losing streak on record, after government data showed U.S. gasoline stockpiles expanded amid reduced demand in the world’s biggest oil user. Brent dropped in London.

PRECIOUS METAL WRAP:
Gold held near the highest level in a week as the dollar fell after the U.S. Federal Reserve released minutes of its last meeting and tension increased in the Middle East, boosting demand for a haven. Palladium advanced to a 13-year high.

GLOBAL EVENTS TO WATCH: ECB President Draghi Speaks, Employment Change, Unemployment Rate, Trade Balance, Asset Purchase Facility, Official Bank Rate, MPC Rate Statement, Unemployment Claims, Wholesale Inventories m/m, Natural Gas Storage, 30-y Bond Auction.
AGRI COMMODITY
BULLION COMMODITY
CS CHANA (AUGUST) OVERVIEW:
TREND BEARISH
SUP1:2740
SUP2:2695
RESIST1:2840
RESIST2:2925
TRADING STRATEGY: SELL ON RISE
CS COPPER (AUG) OVERVIEW:
TREND CONSOLIDATE
SUP1:430
SUP2:425
RESIST1:435
RESIST2:438
TRADING STRATEGY: BUY ON DIPS
CS JEERA (AUGUST) OVERVIEW:
TREND CONSOLIDATE
SUP1:11370
SUP2:11250
RESIST1:11700
RESIST2:11820
TRADING STRATEGY: BUY ON DIPS
CS CRUDE (JULY) OVERVIEW:
TREND BEARISH
SUP1:6055
SUP2:5980
RESIST1:6130
RESIST2:6200
TRADING STRATEGY: SELL ON RISE
CS TURMERIC (AUGUST) OVERVIEW:
TREND CONSOLIDATE
SUP1:6300
SUP2:6164
RESIST1:6450
RESIST2:6600
TRADING STRATEGY: SELL ON RISE
CS GOLD (AUG) OVERVIEW:
TREND CONSOLIDATE
SUP1:27300
SUP2:27100
RESIST1:27700
RESIST2:28000
TRADING STRATEGY: BUY ON DIPS
CS SOYABEAN (OCTOBER) OVERVIEW:
TREND CONSOLIDATE
SUP1:3660
SUP2:3590
RESIST1:3780
RESIST2:3870
TRADING STRATEGY: SELL ON RISE
CS SILVER (SEPTEMBER) OVERVIEW:
TREND CONSOLIDATE
SUP1:44000
SUP2:43600
RESIST1:45150
RESIST2:45700
TRADING STRATEGY: BUY ON DIPS

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