DAILY COMMODITY MARKET STRATEGY-24 July 2014

BASE METAL WRAP: Copper climbed for a fourth day, the longest rally in three weeks, on better-than-expected manufacturing data from China, the world’s largest user of industrial metals.

ENERGY WRAP: West Texas Intermediate swung between gains and losses after U.S. government data showed crude supplies at the delivery point for New York contracts shrank to the lowest level since 2008. Brent was steady in London.

PRECIOUS METAL WRAP: Gold fell to the lowest level in a week as a rally in equities damped demand for an alternative investment amid concern that physical consumption is faltering.

GLOBAL EVENTS TO WATCH: Official Cash Rate, RBNZ Rate Statement, Trade Balance, HSBC Flash Manufacturing PMI, French Flash Manufacturing PMI, German Flash Manufacturing PMI, Retail Sales m/m, Unemployment Claims, Flash Manufacturing PMI, New Home Sales, Natural Gas Storage.
AGRI COMMODITY
BULLION COMMODITY
CS CHANA (AUGUST) OVERVIEW:
TREND CONSOLIDATE
SUP1:2795
SUP2:2740
RESIST1:2855
RESIST2:2900
TRADING STRATEGY: SELL ON RISE
CS COPPER (AUG) OVERVIEW:
TREND CONSOLIDATE
SUP1:425
SUP2:422
RESIST1:432
RESIST2:437
TRADING STRATEGY: SELL ON RISE
CS JEERA (AUGUST) OVERVIEW:
TREND CONSOLIDATE
SUP1:11400
SUP2:11250
RESIST1:11620
RESIST2:11780
TRADING STRATEGY: SELL ON RISE
CS CRUDE (AUGUST) OVERVIEW:
TREND CONSOLIDATE
SUP1:6115
SUP2:6035
RESIST1:6230
RESIST2:6300
TRADING STRATEGY: BUY ON DIPS
CS TURMERIC (AUGUST) OVERVIEW:
TREND CONSOLIDATE
SUP1:6316
SUP2:6260
RESIST1:6670
RESIST2:6830
TRADING STRATEGY: BUY ON DIPS
CS GOLD (AUG) OVERVIEW:
TREND CONSOLIDATE
SUP1:27550
SUP2:27300
RESIST1:28100
RESIST2:28600
TRADING STRATEGY: SELL ON RISE
CS SOYABEAN (OCTOBER) OVERVIEW:
TREND CONSOLIDATE
SUP1:3660
SUP2:3600
RESIST1:3780
RESIST2:3860
TRADING STRATEGY: SELL ON RISE
CS SILVER (SEPTEMBER) OVERVIEW:
TREND CONSOLIDATE
SUP1:44300
SUP2:43900
RESIST1:45300
RESIST2:46000
TRADING STRATEGY: SELL ON RISE

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