• Gold prices dipped Tuesday in Asia on profit taking with a mix of geopolitical uncertainty over Iraq and continued easy policy offering support triggers. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1,315.60 a troy ounce, down 0.21%, after hitting an overnight session low of $1,310.60 and off a high of $1,310.20.

• Silver for September delivery was down 0.26% at $20.910 a troy ounce. Copper futures for September delivery were up 0.21% at $3.147 a pound.

• Crude oil prices dipped slightly in early Asia on Tuesday with the focus on Iraq where attempts to find a political solution are in progress, though skepticism is deep that the country cannot avoid falling further further into civil and sectarian strife. The market is also awaiting data from industry body the American Petroleum Institue later in the day on U.S. crude stocks, which it said dipped last week by 5.7 million barrels. On the New York Mercantile Exchange, West Texas Intermediate crude crude oil for delivery in August traded at $106.03 a barrel, down 0.05%, after hitting an overnight session low of $105.93 a barrel and a high of $107.37 a barrel.

• Brent oil on the ICE futures exchange fell 0.6% to $114.12 a barrel.

• Natural gas futures fell on Monday after updated weather-forecasting models called for a break in a U.S. heat wave, which should curb demand for air conditioning. On the New York Mercantile Exchange, natural gas futures for delivery in August traded at $4.477 per million British thermal units during U.S. trading, down 1.66%. The commodity hit a session high of $4.592 and a low of $4.475. The August contract settled down 1.11% on Friday to end at $4.552 per million British thermal units.

• Base metals were broadly lower after Monday’s upside aided by a upside surprise from the Chinese PMI, but sentiments were considerably muted Tuesday as last night’s European data pressured risk appetite. Copper touched the $6,900 per tonne level, its best since June 3, then settled at $6,885 on Monday but today’s prices have since come down $30 at the current $6,855. Warehouse stocks dropped a net 850 tonnes to 158,575 tonnes, a fresh low since August 2008. Zinc at $2,171 is some $13 lower overnight after having peaked at $2,198 on Monday. Stocks fell 2,950 tonnes to 673,325 tonnes, the lowest since December 2010. Aluminium lost $13 as well to last done at $1,877 while inventories were down 6,850 tonnes at 5,077,275 tonnes, the lowest since December 2012. Lead at $2,168 is $11 lower after climbing almost two percent yesterday. Nickel at $18,351 is down $74 overnight, while tin is last at $22,441, sliding $184 from Monday’s close.

TRADING STRATEGY :

NATURALGAS-NYMEX has closed @ 4.435. If it breaks the level of 4.419, it can touch the level of 4.370 & 4.300 respectively. If it sustain above the level of 4.573, it can touch the level of 4.622, 4.692 respectively.

• SELL NATURALGAS-NUMEX BELOW 4.419 TGTS 4.370, 4.300 SL 4.471.
• BUY NATURALGAS-NUMEX ABOVE 4.573 TGTS 4.622, 4.692 SL 4.522.

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