INTERNATIONAL COMMODITY NEWS :
• Gold prices eased early on Tuesday in Asia on profit taking, though it remains poised for gains as strife in Iraq continues. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1,272.20 a troy ounce, down 0.24%, after hitting an overnight session low of $1,272.60 and off a high of $1,285.10.
• Silver for July delivery was down 0.21% at $19.673 a troy ounce. Copper futures for July delivery were down 0.05% at $3.047 a pound.
• Crude oil prices eased in Asia on Tuesday in mild profit taking, but tension in Iraq as the government battles Islamic militants underpins the commodity. On the New York Mercantile Exchange, West Texas Intermediate Crude Oil for delivery in August traded at $106.18 a barrel, down 0.11%, after hitting an overnight session low of $106.04 a barrel and a high of $106.78 a barrel.
• Brent oil futures rose 0.4% to $112.94 a barrel on the ICE Futures Europe exchange on Monday.
• Natural gas futures moved higher on Monday after updated weather-forecasting models called for warm temperatures for a good portion of U.S. in the coming days, which should prompt thermal power plants to burn more of the commodity to meet demand for air conditioning. On the New York Mercantile Exchange, natural gas futures for delivery in July traded at $4.753 per million British thermal units during U.S. trading, up 0.28%. The commodity hit a session high of $4.824 and a low of $4.670. The July contract settled down 0.48% on Friday to end at $4.739 per million British thermal units.
• Base metals were generally trading in small ranges during Tuesday’s Asian trade, largely following the patterns of equities market and adopting a wait-and-see mode. Copper was up above $6,700 with current bid at $6,712, trading some $22 above Monday’s close. Aluminium’s last trade was at $1,856, up $2, with stocks and cancelled warrants both falling 8,950 tonnes to 5,118,150 tonnes and 2,811,575 tonnes respectively. Nickel pushed higher to $18,661, an $11 gain after rallying last night with prices increasing $573. Stocks fell 42 tonnes to 286,668 tonnes but remain close to all-time highs. Tin at $22,467 is $17 higher. Lead and zinc are both flat, with lead at $2,106 and the latter at $2,103.50.
TRADING STRATEGY :
COPPER-COMEX has closed @ 3.0545. If it sustain above the level of 3.0637, it can touch the level of 3.0737 & 3.0883 respectively. If it breaks the level of 3.0337, it can touch the level of 3.0237, 3.0087 respectively.
- BUY COPPER-COMEX ABOVE 3.0637 TGTS 3.0737, 3.0883 SL 3.0527.
- SELL COPPER-COMEX BELOW 3.0337 TGTS 3.0237, 3.0087 SL 3.0447.