DAILY COMMODITY MARKET STRATEGY-24 June 2014
BASE METAL WRAP: Copper dropped for the first time in eight days on signs of slowing demand in China, the biggest consumer, amid a probe into possible fraud involving metals stockpiled at Qingdao Port.
ENERGY WRAP: Natural gas futures dropped to a four-week low in New York on speculation that a spell of mild weather will cause bigger-than-average stockpile gains. Brent dropped for a third day and West Texas Intermediate declined amid speculation that Iraqi oil production wont be disrupted by escalating violence in OPEC’s second-largest producer.
PRECIOUS METAL WRAP: Gold prices dipped Tuesday in Asia on profit taking with a mix of geopolitical uncertainty over Iraq and continued easy policy offering support triggers.
GLOBAL EVENTS TO WATCH: German Ifo Business Climate, Inflation Report Hearings, FOMC Member Plosser Speaks, S&P/CS Composite-20 HPI y/y, HPI m/m, CB Consumer Confidence, New Home Sales, Richmond Manufacturing Index, Treasury Sec Lew Speaks.
ENERGY WRAP: Natural gas futures dropped to a four-week low in New York on speculation that a spell of mild weather will cause bigger-than-average stockpile gains. Brent dropped for a third day and West Texas Intermediate declined amid speculation that Iraqi oil production wont be disrupted by escalating violence in OPEC’s second-largest producer.
PRECIOUS METAL WRAP: Gold prices dipped Tuesday in Asia on profit taking with a mix of geopolitical uncertainty over Iraq and continued easy policy offering support triggers.
GLOBAL EVENTS TO WATCH: German Ifo Business Climate, Inflation Report Hearings, FOMC Member Plosser Speaks, S&P/CS Composite-20 HPI y/y, HPI m/m, CB Consumer Confidence, New Home Sales, Richmond Manufacturing Index, Treasury Sec Lew Speaks.
AGRI
COMMODITY
|
BULLION
COMMODITY
|
CS
CHANA (JULY) OVERVIEW:
TREND
CONSOLIDATE
SUP1:2750
SUP2:2695
RESIST1:2876
RESIST2:2935
TRADING
STRATEGY: SELL ON RISE |
CS
COPPER (JUNE) OVERVIEW:
TREND
CONSOLIDATE
SUP1:415
SUP2:412
RESIST1:421
RESIST2:423
TRADING
STRATEGY: BUY ON DIPS |
CS
JEERA (JULY) OVERVIEW:
TREND
BULLISH
SUP1:11225
SUP2:11000
RESIST1:11450
RESIST2:11700
TRADING
STRATEGY: BUY ON DIPS |
CS
CRUDE (JULY) OVERVIEW:
TREND
CONSOLIDATE
SUP1:6340
SUP2:6310
RESIST1:6450
RESIST2:6500
TRADING
STRATEGY: BUY ON DIPS |
CS
TURMERIC (JULY) OVERVIEW:
TREND
BULLISH
SUP1:6580
SUP2:6470
RESIST1:6710
RESIST2:6870
TRADING
STRATEGY: BUY ON DIPS |
CS
GOLD (AUG) OVERVIEW:
TREND
CONSOLIDATE
SUP1:27400
SUP2:27100
RESIST1:27900
RESIST2:28300
TRADING
STRATEGY: BUY ON DIPS |
CS
SOYABEAN (JULY) OVERVIEW:
TREND
BEARISH
SUP1:3930
SUP2:3885
RESIST1:4050
RESIST2:4135
TRADING
STRATEGY: SELL ON RISE |
CS
SILVER (JULY) OVERVIEW:
TREND
CONSOLIDATE
SUP1:43840
SUP2:43000
RESIST1:45000
RESIST2:45700
TRADING
STRATEGY: BUY ON DIPS |
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