BASE METAL
LME copper prices touched a low of USD 5,121/mt and closed at
USD 5,156/mt, down by USD 28/mt. The US nonfarm payroll data were slightly
lower than expectation, but remained above 200,000. In addition, the June
nonfarm payrolls were revised upwards. US shares declined, and the US dollar
index edged lower. Crude oil continued to fall on oversupply concern, prompting
some investors to sell commodities. In China, trade data for July slumped, and
copper product imports were reported down. CPI grew 1.6% YoY, while PPI was
worse than expected. SHFE 1510 copper contract may trade at RMB 37,300-37,800/mt
on August 7. Spot copper will be quoted at discounts of RMB 20-80/mt to SHFE
1508 copper contract.
ENERGY NEWS
Crude oil prices
dropped in early Asia on Monday after disappointing weekend trade data from
China underpinned poor demand prospects. On the New York Mercantile Exchange,
crude oil for delivery in September fell 0.44% to $43.68. Industry research
group Baker Hughes said late Friday that the number of rigs drilling for oil in
the U.S. increased by six last week to 670, the third straight weekly gain.
There are still about 60% fewer rigs working since a peak of 1,609 in October.
BULLION & ENERGY
CS GOLD (OCTOBER) OVERVIEW:
TREND :SIDEWAYS
RESIST 2: 25020
RESIST 1: 24910
SUP 1: 24700
SUP 2: 24650
STRATEGY: SELL ON RISE
RESIST 2: 25020
RESIST 1: 24910
SUP 1: 24700
SUP 2: 24650
STRATEGY: SELL ON RISE
CS SILVER (SEPTEMBER) OVERVIEW:
TREND : BULLISH
RESIST 2:34450
RESIST 1:34100
SUP1:33600
SUP2:33330
STRATEGY : BUY ON DIPS
RESIST 2:34450
RESIST 1:34100
SUP1:33600
SUP2:33330
STRATEGY : BUY ON DIPS
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