BULLION:
Gold prices jumped in Asia
on Monday as investors reacted to the prospect of financial turmoil
in Greece spilling over to other countries and cuts in interest,
deposit and cash reserve ratios by China at the weekend. Greece's
banks and stock exchange are expected to remain closed throughout the
week following a recommendation from the country's Financial
Stability Council late Sunday, according to some reports. At the
weekend, the People's Bank of China cut interest rates and its
deposit rate to 4.85% and the deposit rate to 2% respectively from
Sunday. The PBoC also announced that it will cut the reserve
requirement ratios (RRR) by 50 basis points .
BASE METAL:
China's central bank announced a targeted cut of
reserved requirement ratio (RRR) and the year's third reduction of
the one-year deposit and lending rates beginning Sunday to
consolidate the moderate rebound of economic growth and ensure low
financing costs for companies. According to the People's Bank of
China (PBOC), it lowered the RRR by half a percentage point of city
commercial banks and non-county-level rural commercial banks that
have lent a certain portion of their loans to agriculture-related
firms.
ENERGY:
Crude prices dropped sharply on
Monday as investors tried to assess the demand impact from the
failure of talks with Greece to renew a bailout agreement and China's
weekend rate cuts. On the New York Mercantile Exchange, crude oil for
delivery in August fell 1.32% to $58.84 a barrel. Greece's banks and
stock exchange are expected to remain closed throughout the week
following a recommendation from the country's Financial Stability
Council late Sunday, according to some reports. The PBoC also
announced that it will cut the reserve requirement ratios (RRR) by 50
basis points for commercial banks serving rural areas, agriculture
and small businesses.
BULLION & ENERGY
CS
GOLD (AUGUST) OVERVIEW:
|
|
TREND
MIXED TO BEARISH
RESIST
2:26670
RESIST
1:26615
SUP1:26340
SUP2:26150
STRATEGY:
SELL ON RISE
|
|
CS
SILVER (JULY) OVERVIEW:
|
|
TREND
MIXED TO BEARISH
RESIST
2:36590
RESIST
1:36330
SUP1:
35870
SUP2:35590
STRATEGY:
SELL ON RISE
|
|
CS
CRUDE OIL (JULY) OVERVIEW:
|
|
TREND
MIXED TO SIDEWAYS
RESIST
2:3890
RESIST
1:3860
SUP1:3750
SUP2:3720
STRATEGY:
SELL ON RISE
|
|
CS
NATURAL GAS (JULY) OVERVIEW:
|
|
TREND MIXED
TO BEARISH
RESIST
2:186
RESIST
1:183
SUP1:175
SUP2:172
STRATEGY:
SELL ON RISE
|
BASE
METAL
CS COPPER (JUNE ) OVERVIEW:
TRENDMIXED TO BULLISH
RESIST 2: 376
RESIST 1: 373
SUP 1: 367
SUP 2: 364
STRATEGY: BUY ON DIPS
COMMODITY PICK OF THE DAY: CRUDE OIL
MCX CRUDE OIL JULY Friday as seen in the daily chart
opened at 3808 levels and day high of 3828 levels. During this
period price corrected & made day low of 3755 levels finally
closed at 3815 levels. Now, there are chances of further upward
movement technically & fundamentally.
- Crude prices dropped sharply on Monday as investors tried to assess the demand impact from the failure of talks with Greece to renew a bailout agreement and China's weekend rate cuts. On the New York Mercantile Exchange, crude oil for delivery in August fell 1.32% to $58.84 a barrel.
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