COMMODITY NEWS
China to release weekly iron ore indexes from October….
World’s largest Steel producer and consumer, China officially launched its Iron Ore price index, an attempt to take care of more in controlling global pricing.
China Iron and Steel Association (CISA) said the index is compiled by the China Chamber of Commerce of Metals, Minerals and Chemicals Importers and Exporters, and the Metallurgical Mines' Association of China (MMAC) along it with it.
India’s coal shortage may rise in nest 5 years plan….
It is very necessary to increase the production of coal to meat the increasing demand of the coal. The gap in demand and domestic supply has increased from about 50 million tons in 2007-08 to 83 million tonnes in 2010-11. Gap in the current year is predicted to be 142 million ton
COMMODITY TRADING LEVELS FOR 22nd SEPTEMBER
COPPER (NOV) – 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- 407 R2- 415
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: R1-28675 R2-29000
SUPPORTS: S1-27502 S2-27000
SILVER (SEP) - silver closed at 65294.Expected resistance and support level for today trade are as follows.
RESISTANCE: R1-65998 R2-66781
SUPPORTS: S1-64150 S2-63800
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