BULLION:
Gold prices gained in Asia on Thursday ahead of price data from China expected to set the regional tone. On the Comex division of the New York Mercantile Exchange, Gold for August delivery rose 0.30% to $1,266.15 a troy ounce. Ahead in China, CPI data for May is expected to show a 0.2% drop m-o-m for a pace of a 2.3% gain y-o-y, while producer prices are seen down 3.3% y-o-y.
BASE METAL:
China’s Dragon Boat Festival from June 9-11, financial markets are on holiday. July Copper prices have been mostly stable since yesterday’s steep sell-off. The lack of buying interest from the funds is likely to keep a lid on any rallies and could lead to an eventual break to new lows for the year. The market last traded at $2.0625, up $0.0115 or 0.56%. Also undermining copper was rising stocks in LME approved warehouses.
China’s Dragon Boat Festival from June 9-11, financial markets are on holiday. July Copper prices have been mostly stable since yesterday’s steep sell-off. The lack of buying interest from the funds is likely to keep a lid on any rallies and could lead to an eventual break to new lows for the year. The market last traded at $2.0625, up $0.0115 or 0.56%. Also undermining copper was rising stocks in LME approved warehouses.
ENERGY:
Crude prices held gains in Asia on Thursday as consumer prices fell more than expected in April, sparking demand hopes for the key market that this week released data that showed a drop in oil imports. In China, CPI data for May showed a drop of 0.5% month-on-month, more than the 0.2% fall seen, and 2.0% gain year-on-year, less than the 2.3% increases expected, while producer prices eased 2.8%, less than the 3.3% year-on-year drop expected.
Crude prices held gains in Asia on Thursday as consumer prices fell more than expected in April, sparking demand hopes for the key market that this week released data that showed a drop in oil imports. In China, CPI data for May showed a drop of 0.5% month-on-month, more than the 0.2% fall seen, and 2.0% gain year-on-year, less than the 2.3% increases expected, while producer prices eased 2.8%, less than the 3.3% year-on-year drop expected.
BULLION & ENERGY
CS GOLD (AUGUST) OVERVIEW:
TREND : BULLISH
RESIST 2: 29980
RESIST 1: 29850
SUP 1: 29530
SUP 2: 29340
STRATEGY: BUY ON DIPS
CS SILVER (JULY) OVERVIEW:
TREND : BULLISH
RESIST 2: 41500
RESIST 1: 41100
SUP1: 40260
SUP2: 39670
STRATEGY : BUY ON DIPS
CS CRUDE OIL (JUNE) OVERVIEW:
TREND :BULLISH
RESIST 2:3500
RESIST 1:3470
SUP1:3390
SUP2:3360
STRATEGY: BUY ON DIPS
CS NATURAL GAS (JUNE) OVERVIEW:
TREND : BULLISH
RESIST 2:170
RESIST 1:168
SUP1:163
SUP2:161
STRATEGY: BUY ON DIPS
BASE METAL
CS COPPER (JUNE) OVERVIEW:
TREND :BEARISH
RESIST 2:310
RESIST 1:308
SUP1:303
SUP2:300
STRATEGY: SELL ON RISE
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