INTERNATIONAL COMMODITY NEWS :
• Gold prices rebounded in Asia on Tuesday as bargain hunters snapped up the yellow metal. On the Comex division of the New York Mercantile Exchange, gold futures for August delivery traded at $1,318.70 a troy ounce, up 0.13%, after hitting an overnight session low of $1,312.50 and off a high of $1,321.70.
• Silver for September delivery rose 0.11% at $21.038 a troy ounce. Copper futures for September delivery were down 0.18% at $3.253 a pound.
• Crude oil prices eased in Asia on Tuesday as the global supply situation looked ample with events in Libya and Iraq off the boil for now. On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in August traded at $103.42 a barrel, down 0.11%, after hitting an overnight session low of $103.21 a barrel and a high of $104.08 a barrel.
• Brent oil on the ICE futures exchange fel 0.4%, to $110.24 a barrel on Monday, down for six-straight sessions in the longest losing streak since April 2013.
• Natural gas futures fell on Monday on concerns that this week’s supply report will show soft demand for the commodity, while a reprieve from a heat wave also pressured prices lower. On the New York Mercantile Exchange, natural gas futures for delivery in August traded at $4.209 per million British thermal units during U.S. trading, down 3.63%. The commodity hit a session high of $4.355 and a low of $4.201. The August contract settled up 1.12% on Thursday to end at $4.406 per million British thermal units. Markets were closed on Friday for the U.S. Independence Day holiday.
• Base metals trading was slow this Tuesday, with the complex mostly in sideways trading on thin volume in the absence of data drivers and cautious on event risks. Copper at $7,117 per tonne is $18 down from Monday’s close. Less than 1,000 contracts have changed hands so far and prices have slid to a low of $7,110 this morning. Aluminium at $1,919 is down $6; stocks declined 10,700 tonnes to 5,038,525 tonnes, the lowest since October 2012, while cancelled warrants fell 9,175 tonnes to 2,965,600 tonnes. Zinc , which had jumped to 33-month highs last week of $2,270.25, held below those levels – it concluded at $2,263 on Monday and is now $5 lower at $2,258 per tonne. Stocks fell 1,000 tonnes to 663,650 tonnes, the lowest since December 2010. Lead lost $8 to $2,185 with no changes in stocks. Nickel declined $70 to $19,251 while Tin at $22,645 is down $30; concerns are up over the upcoming presidential elections in Indonesia as traders are cautious over the possibility of change to the ore export ban, ANZ Banks said in its report.
TRADING STRATEGY :
BRENTCRUDEOIL-NYMEX has closed @ 109.90. If it breaks the level of 109.46, it can touch the level of 108.96 & 108.26 respectively. If it sustain above the level of 111.27, it can touch the level of 111.77, 112.47 respectively.
- SELL BRENTCRUDEOIL-NYMEX BELOW 109.46 TGTS 108.96, 108.26 SL 110.01.
- BUY BRENTCRUDEOIL-NYMEX ABOVE 111.27 TGTS 111.77, 112.47 SL 110.72.
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