DAILY COMMODITY MARKET STRATEGY-3 Nov 2014
BASE METAL WRAP: Nickel fell for the first time in five days after data showed continued manufacturing weakness in China, damping the outlook for demand in the world’s largest metals consumer.
ENERGY WRAP: West Texas Intermediate fell for a third day, the longest losing streak in more than two weeks, as an official gauge from China showed factory output slowed in the world’s second-largest oil consumer. Brent slid in London.
PRECIOUS METAL WRAP: Gold traded within 40 cents of a four-year low after the Bank of Japan boosted stimulus and the Federal Reserve ended asset purchases, highlighting divergent central-bank policies and hurting bullion demand as the dollar climbed. Silver retreated to the lowest level since 2010.
GLOBAL EVENTS TO WATCH: Building Approvals m/m, Non-Manufacturing PMI, HSBC Final Manufacturing PMI, Manufacturing PMI, Final Manufacturing PMI, ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices, Total Vehicle Sales, BOC Gov Poloz Speaks.
AGRI
COMMODITY
|
BULLION
COMMODITY
|
CS
CHANA (NOVEMBER) OVERVIEW:
TREND
BULLISH
SUP1:3090
SUP2:3020
RESIST1:3200
RESIST2:3247
TRADING
STRATEGY: BUY ON DIPS |
CS
COPPER (NOVEMBER) OVERVIEW:
TREND
CONSOLIDATE
SUP1:413
SUP2:409
RESIST1:418
RESIST2:424
TRADING
STRATEGY: SELL ON RISE |
CS
JEERA (NOVEMBER) OVERVIEW:
TREND
CONSOLIDATE
SUP1:11200
SUP2:10970
RESIST1:11340
RESIST2:11550
TRADING
STRATEGY: SELL ON RISE |
CS
CRUDE (OCTOBER) OVERVIEW:
TREND
CONSOLIDATE
SUP1:4900
SUP2:4850
RESIST1:5050
RESIST2:5118
TRADING
STRATEGY: BUY ON DIPS |
CS
TURMERIC (NOVEMBER) OVERVIEW:
TREND
BEARISH
SUP1:6170
SUP2:6064
RESIST1:6290
RESIST2:6540
TRADING
STRATEGY: SELL ON RISE |
CS
GOLD (DECEMBER) OVERVIEW:
TREND
BEARISH
SUP1:25750
SUP2:25300
RESIST1:26270
RESIST2:26610
TRADING
STRATEGY: SELL ON RISE |
CS
SOYABEAN (NOVEMBER) OVERVIEW:
TREND
CONSOLIDATE
SUP1:3235
SUP2:3154
RESIST1:3335
RESIST2:3400
TRADING
STRATEGY: SELL ON RISE |
CS
SILVER (DECEMBER) OVERVIEW:
TREND
BEARISH
SUP1:35000
SUP2:34100
RESIST1:35630
RESIST2:36430
TRADING
STRATEGY: SELL ON RISE |
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