COPPER (FEB) – LME Copper surged by 1.1% at $8656.5 per tonne on Wednesday and Comex Copper future for the most active May contract was trading at $3.935 a pound, up 0.3% (1 cent). SHFE Copper future for most active April 2012 contract settled at 60890 yuan per tonne, edged up by 0.3% (160 yuan). Likewise at MCX, Copper for delivery in April was gaining by 0.3% or Rs. 1.15 at Rs. 429.8 per kg. Expected resistance and support level for today trade are as follows:
SUPPORT 1: 414.25
SUPPORT 2: 411.65
RESISTANCE 1: 419.45
RESISTANCE 2: 422.85
CRUDE OIL (FEB) – Crude oil futures edged up after losing out for last two sessions as equities pressed higher and oil traders eyed the US inventories data. The European Central Bank allotted a larger-than-expected 529.5 billion euros in loans to Euro-zone banks in its second and possibly last three-year long-term refinancing operation. The European stocks remained fairly well supported after this though the early gains were seen frittering away. Yesterday, the US Conference Board's consumer confidence index for February increased to the highest level in a year Expected resistance and support levels for the crude Dec contract with expiry date of 20 FEB 2012 are:
SUPPORT 1: 5285
SUPPORT 2: 5165
RESISTA NCE 1: 5345
RESISTANCE 2: 5465
GOLD (APR) - Fundamentals boosted the risk appetite for Gold though the overall gentle undertone in global equities also supported the metal. MCX Gold futures for April are quoting at Rs. 28750, up Rs. 10 per 10 grams on the day, recovering impressively from a low of Rs. 28661 per 10 grams on the day. The counter is expected to face a resistance around Rs. 28800 per 10 grams. Resistance and support levels for the today’s session for Gold FEB contract which will expire on 5th APR 2012 are:
SUPPORT 1: 28855
SUPPORT 2: 28745
RESISTANCE 1: 28045
RESISTANCE 2: 28135
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: 57615
SUPPORT 2: 57535
RESISTANCE 1: 57985
RESISTANCE 2: 58930
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