COMMODITY NEWS AND TRADING LEVELS FOR 22ND FEBRUARY 2012


COPPER (FEB) – Risk appetite resurfaced back into the base metals space on Tuesday, 21st February as the ratification of Greece second bailout fund to avert the default bolstered the metals. But, the steady euro after huge gains during the early session led the metals to trade sideways. Expected resistance and support level for today trade are as follows:

SUPPORT 1: 410.55
SUPPORT 2: 406.65

RESISTANCE 1: 421.45
RESISTANCE 2: 425.85

CRUDE OIL (MAR) – Doubts over the durability of the latest Greek rescue plan and an increase in oil prices to a nine-month-high settlement resulted in fall in the Asian equities. Yesterday, U.S. stocks retreated from a broad rally on Tuesday, undermined by rising oil prices and doubts about the success of Greece's second bailout, after the Dow Jones industrial average rose above 13,000 for the first time in nearly four years. Expected resistance and support levels for the crude MAR contract with expiry date of 19 MARCH 2012 are:

SUPPORT 1: 5155
SUPPORT 2: 5095

RESISTANCE 1: 5285
RESISTANCE 2: 5345

GOLD (APR) - The initial wave of optimism for the risky assets following Greece news reports could be over for risky assets, gold could witness some gains after bouncing impressively from lows of last week.  Resistance and support levels for the today’s session for Gold APR contract which will expire on 5th APR 2012 are:

SUPPORT 1: 28295
SUPPORT 2: 28175

RESISTANCE 1: 28475
RESISTANCE 2: 28585

SILVER (MAR) Bullish undertone in global bullion prices and plenty of buying support and gains in global equities as helping push the white metal up. Silver is Expected resistance and support levels for today trade are as follows:

SUPPORT 1: 57050
SUPPORT 2: 56945

RESISTANCE 1: 57275
RESISTANCE 2: 57395

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