COPPER (FEB) – Copper futures moved forward while other metals followed on improved risk appetite and easing economic tensions. Drop in LME inventories is indicating that demand is emerging that is generating off take for the metal. The total Copper inventories have declined by more than 22% since January to 289000 tons on 2 March 2012.Expected resistance and support level for today trade are as follows:
SUPPORT 1: 426.25
SUPPORT 2: 422.65
RESISTANCE 1: 433.45
RESISTANCE 2: 436.85
CRUDE OIL (FEB) – Indian Crude futures moved in line with western prices and ended in red. Supply disruptions of oil from Iran enhanced the prices for few sessions but overall it was a dull week for the energy segment with lopsided demand and rise in inventories. During the week some spikes in crude oil was noted on the back of blast in pipeline of in Saudi Arabia. Expected resistance and support levels for the crude Dec contract with expiry date of 20 FEB 2012 are:
SUPPORT 1: 5285
SUPPORT 2: 5165
RESISTANCE 1: 5385
RESISTANCE 2: 5465
GOLD (APR) - Gold declined sharply in the week on back to back negative reports from Federal Reserve. On the contrary smart gains were noted in Resistance and support levels for the today’s session for Gold FEB contract which will expire on 5th APR 2012 are:
SUPPORT 1: 27975
SUPPORT 2: 27885
RESISTANCE 1: 28085
RESISTANCE 2: 28165
SILVER (MAR) – Silver went up on the rise of industrial metals in which it is extensively used. Silver is Expected resistance and support levels for today trade are as follows:
SUPPORT 1: 57975
SUPPORT 2: 57895
RESISTANCE 1: 58185
RESISTANCE 2: 58275
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