COPPER (APR) – Most of the metals barring Copper are in surplus situation and with Chinese production improving that will only amplify to the already higher productivity levels. Expected resistance and support level for today trade are as follows:SUPPORT 1: 429.35
SUPPORT 2: 427.85
RESISTANCE 1: 433.75
RESISTANCE 2: 435.15
CRUDE OIL (APR) – Crude oil settled with minimal gains on the back of rising inventory levels and crisis in Europe lingering. Expected resistance and support levels for the crude March contract with expiry date of 19 APRIL 2012 are:
SUPPORT 1: 5175
SUPPORT 2: 5060
RESISTANCE 1: 5385
RESISTANCE 2: 5495
GOLD (APR) - Resistance and support levels for the today’s session for Gold APR contract which will expire on 5th APR 2012 are:
SUPPORT 1: 27925
SUPPORT 2: 27810
RESISTANCE 1: 28165
RESISTANCE 2: 28295
SILVER (MAY) – On domestic front Silver’s Expected resistance and support levels for today trade are as follows:
SUPPORT 1: 56665
SUPPORT 2: 56510
RESISTANCE 1: 56895
RESISTANCE 2: 56975
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Daily Commodity News Updates
Commodities tumbled at the Multi Commodity Exchange of India (MCX) for the week March 26- March 30. Commodities like natural gas, nickel, and crude oil gone down heavily while those that went up only gained a little bit.
Crude oil markets seem to have cooled off considerably as compared to the heated tensions couple of weeks above. Even though supply concerns persist and the insecurity on Iran remains unchanged, the market is not as tense compare to the previous weeks and this might bring down prices. But the floor price is expected to remain above $100/barrel.
Silver May contract opened higher on Monday hitting a high of Rs 56960, but has moved down ever since and is presently trading at Rs 56735, down 0.10% as of 10:39 AM IST. COMEX silver contracts are also trading down.
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