COPPER (APR) – Gloomy waves further exaggerated the global markets and tempered the risk appetite on Thursday, 22nd March. LME Copper plunged by 1.5% at $8317.5 per ton on Thursday and Comex Copper future for the most active May contract was trading at $3.776 a pound, down 1.8% (7 cents). SHFE Copper future for most active June 2012 contract settled at 59960 Yuan per ton, down by 0.5% (310 Yuan). Likewise at MCX, Copper for delivery in April was dropping by 0.5% or Rs. 3.6 at Rs. 428.75 per kg. Expected resistance and support level for today trade are as follows:SUPPORT 1: 428.55
SUPPORT 2: 425.35
RESISTANCE 1: 433.45
RESISTANCE 2: 435.85
CRUDE OIL (APR) – International oil price politics have returned to the frontage, including obvious pressure from consuming governments for policy actions to dampen the oil market. Among the most prominent of those caught in the middle of this renewed flaring of oil price politics is of course Saudi Arabia. Expected resistance and support levels for the crude Dec contract with expiry date of 19 APRIL 2012 are:
SUPPORT 1: 5345
SUPPORT 2: 5265
RESISTANCE 1: 5495
RESISTANCE 2: 5585
GOLD (APR) –India and China’s gold demand is expected to decline in 2012-13. There were net inflows in January and February, and March is just slightly negative, despite the sharp price correction. This may be explained by the fact that ETF investors may have a longer-term horizon than investors who choose futures or options to gain exposure to gold, 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: 28025
RESISTANCE 2: 28135
SILVER (MAY) – Investors are losing their interest in gold and are putting their money in silver, latest data released by the London Bullion Market Association (LBMA) shows. LBMA represents the wholesale over-the-counter market for gold and silver in London. Silver’s Expected resistance and support levels for today trade are as follows:
SUPPORT 1: 56205
SUPPORT 2: 56095
RESISTANCE 1: 56465
RESISTANCE 2: 56595
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Daily Commodity News Updates
Copper
Copper demand from China has been a cause of concern for investors lately. China had reduced its GDP growth projecting to about 7.5%- its lowest in 8 years. Combined with a record trade shortage in February, investors consider that copper demand from the world's largest copper consumer may turn down in the coming months.
Crude oil
International oil price politics have returned to the fore, as well as overt pressure from consuming governments for policy actions to reduce the oil market. Among the most prominent of those fixed in the middle of this renewed flaring of oil price politics is of course Saudi Arabia.
World crude steel production for the 59 countries reporting to the World Steel Association (worldsteel) was 119 million tonnes (Mt) in February 2012. This is 1.9% higher than February 2011.
Silver
After silver staged a dramatic counterfeit upside break in late February that whipsawed many bullish traders, the price act has since been forming what appears to be a bearish head and shoulders peak outline on the daily charts. The keyword is staged, as the decline could not have been more ‘unnatural’ from a technical standpoint, yet the nature of these moves are rarely questioned.
Gold
According to derivative analysis, prices, volumes have declined while open interest has increased, that indicates a recovery on short covering can be seen which might create fresh selling opening at higher levels.
MCX gold prices may trade down today on account of a strong US dollar and continuing concerns on Chinese growth. MCX gold April contract is trading at Rs 27896 after opening at Rs 27934, down 0.06% as of 10:48 AM IST. However, COMEX gold futures are trading up
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