INTERNATIONAL COMMODITY NEWS
• Gold prices eased in Asia on Wednesday in thin trade as investors await further cues on the dollar. On the Comex division of theNew York Mercantile Exchange, gold futures for June delivery traded at $1,293.10 a troy ounce, down 0.13%, after hitting an overnight session low of $1,289.20 and off a high of $1,298.80.
• Silver comex for July delivery was down 0.05% at $19.538 a troy ounce. Copper futures for July delivery were up 0.07% at $3.135 a pound.
• Crude oil prices rose in Asia on Wednesday after data pointed to a drop in U.S. gasoline stocks with the summer driving season gearing up. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in June traded at $101.87 a barrel, up 0.16%, after hitting an overnight session low of $100.37 a barrel and a high of $101.51 a barrel.
• Brent oil on the ICE futures exchange rose 83 cents, or 0.8%, to $109.24 a barrel on Tuesday, the highest settlement since April 25.
• Natural gas prices fell on Tuesday after updated weather-forecasting models continued to call for mild temperatures to settle in across much of the U.S., which should crimp demand for heating. On the New York Mercantile Exchange, natural gas futures for delivery in June traded at $4.386 per million British thermal units during U.S. trading, down 1.09%. The commodity hit session high of $4.547 and a low of $4.468. The June contract settled down 2.14% on Monday to end at $4.434 per million British thermal units.
• Base metals business turned choppy during Tuesday’s LME premarket – the momentum seen during Monday’s robust advances faltered after the release of under-performing Chinese economic data.The copper price peaked at $6,893.25 per tonne and then settled back at $6,878, a $1 loss from the Monday close. Warehouse inventories fell for the 15th day in a row – down a net 2,350 tonnes at 202,975 tonnes, the lowest since October 2008. The nickel price burst above $21,000 to trade as high as $21,625 and then fell away to $20,771, down $129. The red-hot rally is showing signs of becoming technically overstretched but there is little sign of a significant correction. the zinc price at $2,086 was up $6, with inventories down 2,150 tonnes at 757,975 tonnes, the lowest for two months. Lead traded at $2,127, up $1.50, even after inventories rose 200 tonnes to 193,675 tonnes.The aluminium price was unchanged at $1,785 – inventories were down 13,875 tonnes at 5,289,600 tonnes, the lowest since mid-March. Tin at $23,050 rose $75 – stocks fell 20 tonnes to 9,620 tonnes.
TRADING STRATEGY :
SILVER-COMEX has closed @ 19.51. If it sustain above the level of 19.59, it can touch the level of 19.74 & 19.90 respectively. If it breaks the level of 19.13, it can touch the level of 18.98, 18.82 respectively.
•BUY SILVER-COMEX ABOVE 19.59 TGTS 19.74, 19.90 SL 19.34.
•SELL SILVER-COMEX BELOW 19.13 TGTS 18.98, 18.82 SL 19.38.