INTERNATIONAL COMMODITY NEWS :
• Gold prices gained in Asia Wednesday on a rebound from overnight with investors search for demand cues. On the Comex division of the New York Mercantile Exchange, gold for August delivery traded at $1,245.30 a troy ounce, up 0.06%. Overnight,the Institute for Supply Management corrected its May manufacturing data twice on Monday. The index was first corrected to 56.0 after being initially reported as 53.2, before being corrected for a second time to 55.4.
• Silver comex for July delivery rose 0.17% to trade at $18.795 a troy ounce. Copper for July delivery fell 0.07% to trade at $3.140 a pound.
• Crude oil prices gained in Asia on Wednesday after slightly bullish industry data on U.S. stocks. On the New York Mercantile Exchange, U.S. Crude Oil for delivery in July traded at $102.91 a barrel, up 0.24%, after hitting $102.10 on Monday, the lowest since May 20, before settling at $102.47, down 0.23%, or 24 cents.
• Brent Oil on ICE Futures Europe also rallied late to settle up 0.2 cent, or 0.02%, to $108.85 a barrel on Tuesday.
• Natural gas futures were higher in U.S. trade on Tuesday. On the New York Mercantile Exchange, Natural gas futures for July delivery traded at USD4.633 per million British thermal units at time of writing rising 0.47%. It earlier traded at a session high USD4.662 per million British thermal units.
• Base metals prices slipped lower on Tuesday morning on worsening sentiment about the state of the Eurozone economy. the copper price at $6,867 per tonne was down $63 on Monday’s close. Business has been subdued, with around 5,600 lots changing hands so far. Stocks and cancelled warrants both fell a net 2,000 tonnes to 168,825 tonnes and 70,975 tonnes respectively. The aluminium price was $10 lower at $1,840. Stocks were down 5,825 tonnes at 5,181,250 tonnes, their lowest since May 13, 2013 – this is due to continuous drawdowns in Detroit and Vlissingen. The nickel price declined $140 to $19,210 although inventories were down 126 tonnes to 283,986 tonnes and cancelled warrants increased 1,572 tonnes to 113,568 tonnes. The lead price at $2,119 was $4 lower after a 50-tonne stock drop to 190,425 tonnes and zinc at $2,078 was $5 lower, although tightness remains in the benchmark cash/three spread-it was last at a backwardation of $4.25/6.25. Stocks and cancelled warrants were both down 1,350 tonnes at 707,075 tonnes and 91,000 tonnes respectively. The tin price was down $87 at $23,288 – inventories dropped 65 tonnes to 10,785 tonnes.
TRADING STRATEGY :
COPPER-COMEX has closed @ 3.1465. If it breaks the level of 3.1223, it can touch the level of 3.1123 & 3.0992 respectively. If it sustain above the level of 3.1404, it can touch the level of 3.1504, 3.1634 respectively.
- SELL COPPER-COMEX BELOW 3.1223 TGTS 3.1123, 3.0992 SL 3.1333.
- BUY COPPER-COMEX ABOVE 3.1404 TGTS 3.1504, 3.1633 SL 3.1294.