BULLION:
Gold prices fell see-sawed in Asia on Wednesday as investors eyed a manufacturing survey from China and awaited events in Greece for more direction. The final reading of the Markit manufacturing China PMI came in at 49.4, compared to the flash of 49.6 and May's final 49.2. The final reading of the HSBC China Manufacturing PMI pointed to a further decline in the health of the manufacturing sector in June, Markit economist Annabel Fiddes said. IMF received a request today from the Greek authorities for an extension of Greece's repayment obligation that fell due today, which will go to the IMF's Executive Board in due course.
BASE METAL:
Recovery in global economy and stabilizing Chinese
economy may give a lift to copper market, and the pullback in China’s
stock market. The Greek referendum scheduled for this Sunday added to
uncertainty over the euro zone outlook, causing investors to sell the
euro. The US dollar index rose as a result. LME copper prices tested
a low of USD 5,700/mt and closed at USD 5,762/mt, down by USD 36/mt.
SHFE 1509 copper contract may trade at RMB 41,500-42,200/mt on June
30. Spot copper may be offered at premiums of RMB 200-260/mt to SHFE
1507 copper contract.
ENERGY:
Crude oil prices reversed course
in Asia on Wednesday after manufacturing data from China and despite
downbeat U.S. industry data on stockpiles. The final reading of the
Markit manufacturing China PMI came in at 49.4, compared to the flash
of 49.6 and May's final 49.2. News the Greece had formally missed a
debt payment to the IMF was accompanied by a request for an
extension. Mr. Gerry Rice, Director of Communications at the
International Monetary Fund (IMF), made the following statement today
regarding Greece's financial obligations to the IMF due today.
BULLION
& ENERGY
CS
GOLD (AUGUST) OVERVIEW:
TREND
MIXED TO BEARISH
RESIST
2:26730
RESIST
1:26680
SUP1:26390
SUP2:26260
STRATEGY:
SELL ON RISE
CS
SILVER (JULY) OVERVIEW:
TREND
MIXED TO BEARISH
RESIST
2:36125
RESIST
1:35590
SUP1:
35415
SUP2:35020
STRATEGY:
SELL ON RISE
CS
CRUDE OIL (JULY) OVERVIEW:
TREND
MIXED TO SIDEWAYS
RESIST
2:3860
RESIST
1:3795
SUP1:3690
SUP2:3655
STRATEGY:
SELL ON RISE
CS
NATURAL GAS (JULY) OVERVIEW:
TREND MIXED
TO BEARISH
RESIST
2:184
RESIST
1:182
SUP1:177
SUP2:175
STRATEGY:
SELL ON RISE
BASE
METAL
CS
COPPER (AUGUST ) OVERVIEW:
TRENDMIXED
TO BEARISH
RESIST
2: 374
RESIST
1: 372
SUP
1: 367
SUP
2: 364
STRATEGY:
SELL ON RISE
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COMMODITY PICK OF THE DAY: CRUDE OIL
MCX CRUDE OIL JULY Tuesday as seen in the daily chart
opened at 3727 levels and day high of 3787 levels. During this
period price corrected & made day low of 3714 levels finally
closed at 3776 levels. Now, there are chances of further downward
movement technically & fundamentally.
- News the Greece had formally missed a debt payment to the IMF was accompanied by a request for an extension. Mr. Gerry Rice, Director of Communications at the International Monetary Fund (IMF), made the following statement today regarding Greece's financial obligations to the IMF due today.
DAILY RECOMMENDATION:
SELL MCX CRUDE OIL JULY BELOW 3770 LEVELS
FOR TARGET OF T1 3670/T2 3620 WITH SL OF 3890 LEVELS.
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