BASE METAL

copper
Economic indicators from US were upbeat last Friday, raising hopes for the Fed’s interest rate hike in September. US’s new home starts came in at 1.174 million for June.  The US CPI grew for a fifth month straight in June, raising expectation for an interest rate hike this year. The US dollar index climbed to about 98 in response. SHFE 1509 copper contract prices are expected to move at RMB 39,800-40,500/mt on July 20. Spot copper will be offered at premiums of RMB 220-280/mt to SHFE 1508 copper contract. LME nickel prices opened at USD 11,540/mt, then fluctuated between USD 11,480-11,580/mt.

ENERGY NEWS

energy

Crude oil prices trended lower in Asia on Monday with demand cues waited in the week ahead on U.S. stockpiles and manufacturing data from China later this week, with markets shut in Japan today. On the broad macro front, Greek banks are ready to open their branches across the country on Monday after a three-week shutdown, officials said at the weekend, while German Chancellor Angela Merkel called for swift aid talks so Athens could also lift withdrawal limits. Nymex oil prices bounced off the lowest levels of the session after industry research group Baker Hughes said late Friday that the number of rigs drilling for oil in the U.S. declined by seven last week to 638, snapping two weeks of gains.

BULLION & ENERGY

CS GOLD (AUGUST) OVERVIEW:gold
TREND :BEARISH
RESIST 2: 25960
RESIST 1: 25850
SUP 1: 25620
SUP 2: 25500
STRATEGY: SELL ON RISE