COPPER (APR) – A deceleration in macro trends, particularly out of China, is preventing prices from pushing substantially above the top end of the range, while on the downside, prices are being supported by a steady decline in LME inventories and the fact that the global supply/demand picture is pointing to yet another deficit in 2012,” they added. Expected resistance and support level for today trade are as follows:
SUPPORT 1: 429.77
SUPPORT 2: 428.73
RESISTANCE 1: 431.72
RESISTANCE 2: 432.63
CRUDE OIL (APR) – Oil fell for the third time in four days after Iran agreed to resume talks on its nuclear program and economic reports in the U.S. and China raised concern about fuel demand. Futures slid as much as 1.4 percent after climbing 1.8 percent on April 5. International negotiations with Iran’s government are scheduled to start this week over its nuclear program. China said inflation in March accelerated more than forecast, reducing the government’s leeway to boost the economy. The U.S. created a less-than-forecast 120,000 jobs in March, the smallest increase in five months, an April 6 report showed. Expected resistance and support levels for the crude March contract with expiry date of 19 APRIL 2012 are:
SUPPORT 1: 5280
SUPPORT 2: 5270
RESISTANCE 1: 5300
RESISTANCE 2: 5305
GOLD (JUN) - Gold rebounded modestly on Thursday following its largest two-day decline in over a month. Gold rebounded modestly on Thursday following its largest two-day decline in over a month. COMEX gold futures, as per the May contract, settled up by $16.00, or 0.1%, at $1,630.10 per ounce. Resistance and support levels for the today’s session:
SUPPORT 1: 28065
SUPPORT 2: 28050
RESISTANCE 1: 28150
RESISTANCE 2: 28220
SILVER (MAY) – Silver bulls may be hoping that the metal's healthy first-quarter price rise is the first step back towards record highs. Not so fast.
Its advocates say silver, which occupies a middle ground between industrial metals like copper and investment vehicles like gold, can benefit both from the fledgling economic recovery that is lifting copper and from the investment that is driving gold. On domestic front Silver’s Expected resistance and support levels for today trade are as follows:
SUPPORT 1: 55875
SUPPORT 2: 55775
RESISTANCE 1: 56160
RESISTANCE 2: 56350
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Daily Commodity News and Updates
At the Multi Commodity Exchange of India (MCX), commodities traded mostly mixed for the week of April 02- April 06, 2012. Precious metals were down with both gold and silver down around 1.50% while base metals and energies had their winners and losers.
Weakness has occurred in front-end time spreads for copper, said Barclays Capital in a commodity research note.
Despite the fact that the Indian jewelers have ended their strike post assurance from the Finance Minister, gold imports are seen falling over the coming months still to pay the buildup of inventory. India is the biggest gold importer in the world and imported around 969 tones of the yellow metal in 2012.
Palladium’s fundamentals should progressively improve over the course of 2012, said BNP Paribas, forecasting a contribute deficit this year and next.
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