COMMODITY NEWS
LME GOT NEW MD…
The London Metal Exchange (LME) has appointed Trevor Spanner as managing director of post-trade services, Aan important walk in the LME’s project’ street to control efficiently its clearing business.
World crude steel production rises….
World crude steel production rose to 9.8% in august 2011. World crude Steel production for the 64 countries reporting to the World Steel Association (World steel) was 125 million metric tons (mmt) in August 2011. This is 9.8% higher than August 2010.
COMMODITY TRADING LEVELS
COPPER (AUG) – copper’s Aug contract which is going to expire on 30 Nov 2011, is expected to trade between the broad ranges of 405 to 425. Expected resistance and support level for today trade are as follows.
RESISTANCE: R1- 410 R2- 417
SUPPORT: S1- 395 S2- 389
CRUDE OIL (OCT) – expected resistance and support levels for the crude July contract with expiry date of 19 oct 2011 are:
RESISTANCE: R1-4230 R2 - 4375
SUPPORTS: S1- 4100 S2- 4050
GOLD (OCT) - gold august contract which will expire on 5th Oct 2011.gold is deviating as the US debt default concern made the investors cautious. Resistance and support levels for the today’s session are:
RESISTANCE: R1-28375 R2-28698
SUPPORTS: S1-27252 S2-26553
SILVER (SEP) - silver closed at 64376.Expected resistance and support level for today trade are as follows.
RESISTANCE: R1-64500 R2-65000
SUPPORTS: S1-63150 S2-62800
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