DAILY COMMODITY MARKET STRATEGY-17 July 2014

 

BASE METAL WRAP: Most industrial metals fell as copper dropped to a two-week low after Goldman Sachs Group Inc. forecast commodities will drop over the next five years on increasing supplies.

ENERGY WRAP: West Texas Intermediate rose for a second day after U.S. crude stockpiles fell as refiners in the world’s biggest oil consumer boosted processing to the highest level since 2005. Brent was steady in London.

PRECIOUS METAL WRAP: Gold held above a three-week low amid signs of increased demand in China and India, the world’s two largest consumers. Palladium futures climbed to the highest level since 2001.

GLOBAL EVENTS TO WATCH: Building Permits, Unemployment Claims, Housing Starts, Philly Fed Manufacturing Index, Natural Gas Storage.

AGRI COMMODITY	BULLION COMMODITY
CS CHANA (AUGUST) OVERVIEW: TREND CONSOLIDATE SUP1:2840 SUP2:2740 RESIST1:2895 RESIST2:2925 TRADING STRATEGY: SELL ON RISE	CS COPPER (AUG) OVERVIEW: TREND CONSOLIDATE SUP1:428 SUP2:425 RESIST1:434 RESIST2:436 TRADING STRATEGY: SELL ON RISE
CS JEERA (AUGUST) OVERVIEW: TREND CONSOLIDATE SUP1:11400 SUP2:11250 RESIST1:11780 RESIST2:11850 TRADING STRATEGY: BUY ON DIPS	CS CRUDE (JULY) OVERVIEW: TREND CONSOLIDATE SUP1:6035 SUP2:5950 RESIST1:6150 RESIST2:6205 TRADING STRATEGY: SELL ON RISE
CS TURMERIC (AUGUST) OVERVIEW: TREND CONSOLIDATE SUP1:6420 SUP2:6316 RESIST1:6830 RESIST2:7000 TRADING STRATEGY: BUY ON DIPS	CS GOLD (AUG) OVERVIEW: TREND CONSOLIDATE SUP1:27550 SUP2:27350 RESIST1:27950 RESIST2:28250 TRADING STRATEGY: SELL ON RISE
CS SOYABEAN (OCTOBER) OVERVIEW: TREND CONSOLIDATE SUP1:3660 SUP2:3590 RESIST1:3780 RESIST2:3840 TRADING STRATEGY: SELL ON RISE	CS SILVER (SEPTEMBER) OVERVIEW: TREND CONSOLIDATE SUP1:44280 SUP2:43750 RESIST1:45300 RESIST2:45980 TRADING STRATEGY: SELL ON RISE