DAILY COMMODITY MARKET STRATEGY-2 July 2014

BASE METAL WRAP: Copper prices climbed to a 16-week high in London as manufacturing expanded at the fastest pace this year in China, the world’s largest user of the metal used in pipes and wires.

ENERGY WRAP: West Texas Intermediate crude traded near the lowest price in almost three weeks before stockpile data that may signal the strength of fuel demand in the U.S., the world’s biggest oil consumer. Brent was steady in London.

PRECIOUS METAL WRAP:
Gold traded below a three-month high on signs that the rally damped physical demand and as investors assessed the outlook for U.S. borrowing costs before Federal Reserve Chair Janet Yellen speaks today. Platinum fell from the highest since September and palladium snapped a seven-day rally.

GLOBAL EVENTS TO WATCH: Trade Balance, Construction PMI, Challenger Job Cuts y/y, ADP Non-Farm Employment Change, Factory Orders m/m, Crude Oil Inventories, Fed Chair Yellen Speaks.
AGRI COMMODITY
BULLION COMMODITY
CS CHANA (JULY) OVERVIEW:
TREND BEARISH
SUP1:2747
SUP2:2695
RESIST1:2875
RESIST2:2935
TRADING STRATEGY: SELL ON RISE
CS COPPER (AUG) OVERVIEW:
TREND CONSOLIDATE
SUP1:425
SUP2:422
RESIST1:430
RESIST2:434
TRADING STRATEGY: BUY ON DIPS
CS JEERA (JULY) OVERVIEW:
TREND CONSOLIDATE
SUP1:11150
SUP2:11000
RESIST1:11500
RESIST2:11700
TRADING STRATEGY: BUY ON DIPS
CS CRUDE (JULY) OVERVIEW:
TREND CONSOLIDATE
SUP1:6300
SUP2:6260
RESIST1:6420
RESIST2:6500
TRADING STRATEGY: BUY ON DIPS
CS TURMERIC (JULY) OVERVIEW:
TREND CONSOLIDATE
SUP1:6450
SUP2:6350
RESIST1:6700
RESIST2:6850
TRADING STRATEGY: BUY ON DIPS
CS GOLD (AUG) OVERVIEW:
TREND CONSOLIDATE
SUP1:27650
SUP2:27490
RESIST1:28020
RESIST2:28300
TRADING STRATEGY: BUY ON DIPS
CS SOYABEAN (JULY) OVERVIEW:
TREND CONSOLIDATE
SUP1:4050
SUP2:4000
RESIST1:4135
RESIST2:4205
TRADING STRATEGY: BUY ON DIPS
CS SILVER (SEPTEMBER) OVERVIEW:
TREND CONSOLIDATE
SUP1:44200
SUP2:43600
RESIST1:45700
RESIST2:46430
TRADING STRATEGY: BUY ON DIPS

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