COPPER (APR) – Base metals were receding on Tuesday, 20th March as the fret over the demand from China further intensified after the BHP billion, the world's largest miner affirmation of flattening demand from china. However, the investors are curiously awaited for the another Housing starts data from US which further gives the clarity on metals demand from the world's largest economy. Expected resistance and support level for today trade are as follows:
SUPPORT 1: 427.55
SUPPORT 2: 424.35
RESISTANCE 1: 433.45
RESISTANCE 2: 435.85
CRUDE OIL (APR) – In a big blow to the US, Iran will officially stop trading oil in dollars with effect from March 20, 2012. Instead the country will start trading oil in currencies like the Euro, Irani Rial, Yuan etc. Expected resistance and support levels for the crude Dec contract with expiry date of 19 APRIL 2012 are:
SUPPORT 1: 5260
SUPPORT 2: 5175
RESISTANCE 1: 5485
RESISTANCE 2: 5575
GOLD (APR) – Being the largest importer of gold in the world, India accounts for nearly one-third of the annual demand with import bill rising from 4.1 billion dollars in 2001-02 to US$33.8bn in 2010-11.Industry body ASSOCHAM said India’s gold imports bill could total 100 billion dollars by 2015-16 and the government should strictly monitor in the inflows with higher customs duty. The MCX Gold futures for April are quoting at Rs. 27796, down Rs. 105 per 10 grams on the day. Prices tested a low of Rs. 27755 per 10 grams earlier in the day. Resistance and support levels for the today’s session for Gold APR contract which will expire on 5th APR 2012 are:
SUPPORT 1: 27715
SUPPORT 2: 27625
RESISTANCE 1: 27945
RESISTANCE 2: 28095
SILVER (MAY) – An improving macroeconomic outlook and high risk appetite should see silver outperform gold for most of H2’12 and 2013 although silver, like gold, remains vulnerable to waves of liquidation. Silver’s Expected resistance and support levels for today trade are as follows:
SUPPORT 1: 56315
SUPPORT 2: 56225
RESISTANCE 1: 56585
RESISTANCE 2: 56795
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Commodities have stepped in a downstairs track as the Greek debt crisis has momentarily settled down and US officials showed confidence in recovery of its economy.
Crude Palm Oil yesterday traded with the negative node and settled -0.21% down at 569.9 tracking weak spot market claim.
Gold rallied on Wednesday, as 50% of private sector Greek bond holders decided to contribute in the Greek debt deal, up from 39% earlier in the day.
Copper prices have risen 15% to $8,734.75 a metric ton so far in 2012. Global copper mine production dropped 200,000 tons in 2011. Copper inventories are now at a two year low.
The silver and gold price both are same as yesterday, and both wilting today. Gold closed comex $20.20 lighter at $1,646.70 and silver lost 112.1c to 3180.5c.
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