COMMODITY MARKET UPDATE 24 JUNE 2014

BASE METAL WRAP:  

Copper dropped for the first time in eight days on signs of slowing demand in China, the biggest consumer, amid a probe into possible fraud involving metals stockpiled at Qingdao Port.

ENERGY WRAP: 

Natural gas futures dropped to a four-week low in New York on speculation that a spell of mild weather will cause bigger-than-average stockpile gains. Brent dropped for a third day and West Texas Intermediate declined amid speculation that Iraqi oil production wont be disrupted by escalating violence in OPEC’s second-largest producer.

PRECIOUS METAL WRAP: 

Gold prices dipped Tuesday in Asia on profit taking with a mix of geopolitical uncertainty over Iraq and continued easy policy offering support triggers.

GLOBAL EVENTS TO WATCH:  

German Ifo Business Climate, Inflation Report Hearings, FOMC Member Plosser Speaks, S&P/CS Composite-20 HPI y/y, HPI m/m, CB Consumer Confidence, New Home Sales, Richmond Manufacturing Index, Treasury Sec Lew Speaks.