COMMODITY MARKET STRATEGY 04 July 2014

BASE METAL WRAP: Nickel advanced to the highest since May as the U.S. unemployment rate fell to the lowest in almost six years, signaling that stronger economies will boost demand amid supply curbs.

ENERGY WRAP: West Texas Intermediate and Brent headed for a second weekly drop amid speculation that Iraq’s crude production will remain unaffected by violence and as Libya prepares to resume exports from two terminals.

PRECIOUS METAL WRAP: Gold held below a three-month high, trimming a fifth weekly rise, as investors assessed the outlook for higher U.S. borrowing costs after employment data beat estimates. Palladium traded near the highest price since 2001.

GLOBAL EVENTS TO WATCH: Retail PMI, Bank Holiday.

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INDIAN BENCHMARK have started the trading session on a flat note

INDIAN BENCHMARK have started the trading session on a flat note with a positive bias with Sensex and Nifty hovering around 25,800 mark and 7, 700 levels.

FURTHER, Cairn India signed up Halliburton Company, a US multinational, for a Rs 1,200-crore contract to drill 100 wells at the Rajasthan on land block RJ-ON-90/1 over the next 18 months. Bharti Airtel rose 2.09% after the Reserve Bank of India allowed foreign institutional investors to purchase up to 74% of the paid-up capital of the company.

Trend in FII flows: The FIIs were net buyers of Rs 192cr in the cash segment on Thursday while the DIIs were net sellers of Rs. 624cr, as per the provisional figures released by the NSE.

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COMMODITY MARKET UPDATE 02 July 2014

BASE METAL WRAP: Copper prices climbed to a 16-week high in London as manufacturing expanded at the fastest pace this year in China, the world’s largest user of the metal used in pipes and wires.

ENERGY WRAP: West Texas Intermediate crude traded near the lowest price in almost three weeks before stockpile data that may signal the strength of fuel demand in the U.S., the world’s biggest oil consumer. Brent was steady in London.

PRECIOUS METAL WRAP: Gold traded below a three-month high on signs that the rally damped physical demand and as investors assessed the outlook for U.S. borrowing costs before Federal Reserve Chair Janet Yellen speaks today. Platinum fell from the highest since September and palladium snapped a seven-day rally.

GLOBAL EVENTS TO WATCH: Trade Balance, Construction PMI, Challenger Job Cuts y/y, ADP Non-Farm Employment Change, Factory Orders m/m, Crude Oil Inventories, Fed Chair Yellen Speaks.

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INDIAN BENCHMARKS end lower on June F&O expiry

INDIAN EQUITY BENCHMARKS ended 1% lower following the expiry of June F&O series dragged down by oil shares after the government defers its decision on gas price hike by three months till December 31, 2014.

Further, ITC marginally positive after Morgan Stanley upgraded the stock to overweight from equal-weight and increased the price target to Rs 400 rupees from Rs 360. Aban Offshore closed nearly 5% up after Macquarie upgraded the stock from underperform to outperform and raised its target to Rs 1,090 from Rs 430.

The crucial resistance for Nifty is now seen at 7570 and above this 7595. Support for the immediate term is now placed at 7480 and next support will be 7440.

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