BULLION:
Gold prices dipped in Asia on Tuesday as investors
awaited talks in Brussels on the forward for Greece. Earlier, Greek
Prime Minister Alexis Tsipras received hard news from International
Monetary Fund Managing Director Christine Lagarde on Monday that
policy prohibits lending to countries that have missed payments,
although it can offer advice of the staff, an IMF spokesman said.
Greece missed payments to the IMF on June 30. As well, U.S. President
Barack Obama and Treasury Secretary Jack Lew each spoke to key
officials in Europe Monday. Euro zone leaders and related officials
are set to meet in Brussels July 7 to hash out the next steps on
Greece.
BASE METAL:
The September-delivery copper on SHFE lost 1,580 yuan
during daytime trading Monday, to end below 41,000 yuan per ton, as
concern over Greek debt issue grew and China’s stock market failed
to turn around. Is the red metal heading for a new 2015 low? “Recent
plunge in China’s stock market was a great shock for investors, and
copper prices may probably break below 40,000 yuan should this panic
continue to spread,” said analyst of COFCO in a recent interview.
“The escalation of Greek crisis and weak market fundamentals will
combine to send copper prices lower,” analyst of Western Futures
holds the same opinion.
ENERGY:
Crude oil prices rebounded in Asia
on Tuesday as investors deemed a selloff based on a trove of bearish
news, from Greece's 'No' vote and China's stock market woes to an
OPEC production surge, overdone. In June, output by the world's
largest oil cartel increased by 170,000 to 31.28 million bpd, nearly
1.3 million bpd above its targeted production ceiling of 30 million,
Platts said. U.S. Secretary of State John Kerry said he is unsure if
a final nuclear agreement with Iran can be reached by Tuesday's
deadline. A nuclear deal is viewed as bearish for crude, as Iran
reportedly hoards 30 million barrels of crude in its reserves ready
for export.
BULLION & ENERGY
CS GOLD (AUGUST) OVERVIEW:
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TREND
MIXED TO BEARISH
RESIST
2:26520
RESIST
1:26480
SUP1:26240
SUP2:26125
STRATEGY:
SELL ON RISE
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CS SILVER (SEPTEMBER) OVERVIEW:
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TREND
MIXED TO BULLISH
RESIST
2:36650
RESIST
1:36430
SUP1:
35860
SUP2:35530
STRATEGY:
BUY ON DIPS
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CS CRUDE OIL (JULY) OVERVIEW:
| |||||||||||
TREND
MIXED TO BEARISH
RESIST
2:3550
RESIST
1:3500
SUP1:3340
SUP2:3255
STRATEGY:
SELL ON RISE
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BASE METAL
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