BASE METAL

copper
The US dollar index increased, but Greek parliament approved a strict austerity measure and secured EUR 7 billion of aids, easing market concerns. SHFE 1509 copper contract prices are expected to move at RMB 40,100-40,800/mt on July 17. Spot copper will be offered at premiums of RMB 180-250/mt to SHFE 1508 copper contract. NAHB US Housing Market Index in July hit a 10-year high of 60. LME nickel overnight closed up 1.05% at $11,580 per ton as other base metals largely finished lower against a strong dollar.

ENERGY NEWS

energy

Crude oil prices bumped higher in Asia on Friday as the dust settles from a deal with Iran over its nuclear program that could lead to a spike in crude hitting the global market in the coming year. Investors await Friday's weekly U.S. oil rig count from oil services firm Baker Hughes for further indications of the supply-demand balance in U.S. energy markets. While Iran is expected to flood global markets by doubling its export level after a wide range of economic sanctions are lifted by western powers, it could still be several months before the Gulf state is able to ramp up its exports. The comprehensive nuclear deal reached on Tuesday still must complete a 60-day review from U.S.

BULLION & ENERGY

CS GOLD (AUGUST) OVERVIEW:gold
TREND MIXED TO BEARISH
RESIST 2: 25970
RESIST 1: 25870
SUP 1: 25710
SUP 2: 25600
STRATEGY: SELL ON RISE

CS SILVER (JULY) OVERVIEW:
silver-1TREND MIXED TO BEARISH
RESIST 2:35340
RESIST 1:35000
SUP1:34250
SUP2:33970
STRATEGY : SELL ON RISE