COMMODITY NEWS
Metals witnessed steep fall………
Investors staged a global flight from risk on Thursday, 23rd September after Federal Reserve acknowledged significant downside risks, which renewed fears of an economic slowdown. Weedy China PMI data on Thursday and lack of appreciable progress in staving off the European debt crisis also contributed to the grim mood. Strong US dollar also led the metals to plunge drastically.
Nickel plunged badly…
Nickel for delivery in September plunged by 5.69% or Rs. 56.7 at Rs. 940.3 per kg with its high at Rs. 994 per kg and low at Rs. 937.2 per kg. The open interest added 34.9% to 12,269 lots indicating huge short selling in the market and volume traded stood at 101,381 lots against 730,43 lots trade last day.
Grim mood in commodity sector supported the crude oil…
Crude oil futures inched up in Asia session today as the more than 6% fall in the commodity allured the investors to enter long. There was a wide sell off in the commodities yesterday with copper down 7%, oil down 6.3%, gold down 3.7% and the worst looser was silver which fell 9.6%.
COMMODITY TRADING LEVELS FOR 23rd 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 380 to 405 Expected resistance and support level for today trade are as follows.
RESISTANCE: R1- 391 R2- 398
SUPPORT: S1- 375 S2- 371
CRUDE OIL (Oct) – expected resistance and support levels for the crude July contract with expiry date of 19 oct 2011 are:
RESISTANCE: R1-4050 R2 - 4120
SUPPORTS: S1-4001 S2- 3960
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: R1-28100 R2-28500
SUPPORTS: S1-27450 S2-27300
SILVER (Dec) - silver closed at 61884.silver traded in bearish mood with heavy intensity. Expected resistance and support level for today trade are as follows.
RESISTANCE: R1-62500 R2-63100
SUPPORTS: S1-61450 S2-61100
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