INTERNATIONAL COMMODITY NEWS :
• Gold prices gained in Asia on Tuesday ahead of testimeony from the U.S. Federal Reserve chief to Congress and continued tension in the euro zone over Portugal. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1,308.70 a troy ounce, up 0.15%, after hitting an overnight session low of $1,304.10 and off a high of $1,340.70.
• Silver for September delivery rose 0.23% at $20.962 a troy ounce. Copper futures for September delivery were down 0.02% at $3.253 a pound.
• Crude prices held steady in Asia on Tuesday ahead of U.S. stockpile reports this week. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $100.93 a barrel, up 0.01%, after closing at $101.83 a barrel overnight.
• Brent Oil on the ICE futures exchange in London gained 0.3% to $106.98 a barrel on Monday.
• Natural gas futures edged lower on Monday after updated weather-forecasting models predicted below-normal temperatures to sweep in from Canada into the Midwest this week and trek east. On the New York Mercantile Exchange,natural gas futures for delivery in August traded at $4.130 per million British thermal units during U.S. trading, down 0.40%. The commodity hit a session high of $4.172 and a low of $4.096. The August contract settled down 0.63% on Friday to end at $4.146 per million British thermal units.
• Base metals were mostly trading at the lower end of their recent ranges on Tuesday, as the market awaits a strong of key Chinese data releases out tomorrow. Copper finished at $7,120 per tonne on Monday and is now $33 lower at $7,096 per tonne. Inventories rose a net 925 tonnes to 159,400 tonnes, with incremental increases continuing in Busan. Stocks there rose another 950 tonnes, which traders attribute to its proximity to China Aluminium fell as well, declining to $1,934 from Monday’s $1,942 although inventories dropped 10,625 tonnes to 4,995,275 tonnes, falling below 5 million tonnes for the first time since September 2012. Zinc at $2,296 is down $11 and lead at $2,198 fell $15 overnight. Tin lost $13 to last done at $22,109, with stocks dropping 40 tonnes to 11,535 tonnes. Nickel was last at $19,236, down $114 after stocks rose 3,960 tonnes to 307,710 tonnes.
TRADING STRATEGY :
COPPER-COMEX has closed @ 3.2500. If it breaks the level of 3.2270, it can touch the level of 3.2150 & 3.2000 respectively. If it sustain above the level of 3.2605, it can touch the level of 3.2725, 3.2875 respectively.
- SELL COPPER-COMEX BELOW 3.2270 TGTS 3.2150, 3.2000 SL 3.2390.
- BUY COPPER-COMEX ABOVE 3.2605 TGTS 3.2725, 3.2875 SL 3.2485.