INTERNATIONAL COMMODITY NEWS :
• Gold prices eased in Asia on Tuesday with the market looking for fresh cues on demand. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1,251.70 a troy ounce, down 0.18%, after hitting an overnight session low of $1,251.70 and off a high of $1,257.20.
• Silver for July delivery was down 0.17% at $19.033 a troy ounce. Copper futures for July delivery were down 0.18% at $3.045 a pound.
• Crude oil prices were higher in early Asian trade on Tuesday ahead of industry data on U.S. crude stocks and an upcoming OPEC meeting. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in July traded at $104.50 a barrel, up 0.08%, after hitting an overnight session low of $102.63 a barrel and a high of $104.41 a barrel.
• Brent oil on the ICE futures exchange rose 1.3% to $109.99 a barrel.
• Natural gas futures traded lower on Monday after updated weather forecasting models called for a storm system to trek across the central and eastern U.S. and bring damp, cooler weather, which should cut into demand for air conditioning. On the New York Mercantile Exchange, natural gas futures for delivery in July traded at $4.701 per million British thermal units during U.S. trading, down 0.19%. The commodity hit a session high of $4.743 and a low of $4.652. The July contract settled up 0.19% on Friday to end at $4.710 per million British thermal units.
• Base metals saw some profit taking following a positive start to Monday with several of the metals pushing to week-highs. Earlier, the releases of the Chinese CPI and PPI data had little impact on the metals. copper continue to languish below $6,700 per tonne, and is just $1 up from Monday’s kerb close of $6,670. Cash/threes are now at $18.50, down significantly from the $100 spread seen earlier in the month. Aluminium price stands at $1,897, $14 lower than where it last traded on Monday. Zinc at $2,123 lost $8; lead gave back $9 to $2,132 after making a $32 gain on Monday to end at $2,141 per tonne. Nickel declined $104 overnight to last bid at $18,801 – “speculative players on the LME have very much turned their attention to zinc and aluminium and nickel time in the limelight earlier this year is very much in the past,” said the note from Triland Metals. Tin lost $105 to $23,175 per tonne from last night’s $23,290 even though there was a 155-tonne reduction in stocks to 10,795 tonnes.
TRADING STRATEGY :
BRENTCRUDEOIL-NYMEX has closed @ 109.90. If it sustain above the level of 110.27, it can touch the level of 110.77 & 111.31 respectively. If it breaks the level of 108.96, it can touch the level of 108.46, 107.91 respectively.
BUY BRENTCRUDEOIL-NYMEX ABOVE 110.27 TGTS 110.77, 111.31 SL 109.72.
SELL BRENTCRUDEOIL-NYMEX BELOW 108.96 TGTS 108.46, 107.91 SL 109.51.
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