INTERNATIONAL COMMODITY NEWS :
• Gold prices eased in Asia on Tuesday with mixed data from China weighing on demand prospects from one of the world’s top importers. Chinese non-manufacturing PMI for May rose to 55.5, the highest since November, from 54.8. The HSBC Manufacturing PMI May final came in at 49.4, lower than the 49.7 in the “flash” reading, but still above the 48.1 final in April. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1,243.60 a troy ounce, down 0.03%, after hitting an overnight session low of $1,241.20 and off a high of $1,251.00.
• Silver comex for July delivery was up 0.26% at $18.788 a troy ounce. Copper futures for July delivery fell 0.38% at $3.155 a pound. China is the world’s top copper importer.
• Crude oil prices stayed slightly positive Tuesday after data from China showed mixed fortunes for the economy. Chinese non- manufacturing PMI for May rose to 55.5, the highest since November, from 54.8. The HSBC Manufacturing PMI May final came in at 49.4, lower than the 49.7 in the “flash” reading, but still above the 48.1 final in April. On the New York Mercantile Exchange,West Texas Intermediate crude oil for delivery in July traded at $102.51 a barrel, up 0.04%, after hitting an overnight session low of $102.11 a barrel and a high of $103.34 a barrel.
• Brent crude on ICE Futures Europe also settled down 0.4% at $108.94 a barrel.
• Natural gas futures were higher on Monday,as market players prepped for the arrival of summertime temperatures in the U.S., which should hike demand for air conditioning. On the New York Mercantile Exchange, natural gas for delivery in July rallied 1.03%, or 4.7 cents, to trade at $4.589 per million British thermal units during U.S. morning hours. Prices rose to a session high of $4.604 earlier in the day, the most since May 29. Natural gas futures fell 0.37%, or 1.7 cents, on Friday to settle at $4.542.
• Base metals were mostly trading lower on Tuesday Asian trade after making a steadier start to the month on Monday. Copper ended at $6,930 per tonne on Monday, up $85 on Friday’s close due to the supportive official PMI data. Today, the poorer HSBC Flash PMI drove the metal down below $6,900 again, with prices now hovering at $6,896.25. Aluminium was the only metal in the complex that did not slide, with prices flat at $1,850 per tonne.Nickel at $19,331 is $19 lower;stocks fell 324 tonnes to 284,112 tonnes and cancelled warrants increased 864 tonnes to 111,996 tonnes. Tin at $23,210 is $165 lower; Lead fell $13 to $2,110 and zinc at $2,078 was also $5 lower.
TRADING STRATEGY :
BRENTCRUDEOIL-NYMEX has closed @ 108.79. If it breaks the level of 108.65, it can touch the level of 108.10 & 107.32 respectively. If it sustain above the level of 109.83, it can touch the level of 110.38, 111.16 respectively.
- SELL BRENTCRUDEOIL-NYMEX BELOW 108.65 TGTS 108.10, 107.32 SL 109.25.
- BUY BRENTCRUDEOIL-NYMEX ABOVE 109.83 TGTS 110.38, 111.16 SL 109.23.