COPPER (APR) – Copper prices may face the heat after latest data from China showed that imports of copper had dropped in March. China is the biggest consumer of copper in the world and accounts for about 40% of global copper consumption. China's copper imports for March were pegged at 462,182 tonnes, down 4.6% from February's 484569 tonne import. Also negative for copper prices is the unexpected jump in inflation for the month of March. This is seen to reflect the weakening demand from China. Expected resistance and support level for today trade are as follows:
SUPPORT 1: 415.25
SUPPORT 2: 411.95
RESISTANCE 1: 424.15
RESISTANCE 2: 429.75
CRUDE OIL (APR) – Cairn India has reported that it had an average daily gross operated production of 180,293 barrels of oil equivalent for Q4 of FY 2011-2012, with working interest production at 17,292 barrels of oil equivalent per day (boepd). The gross Oil production from operating units was 167,663 bopd and 160,635 bopd during Q4 and the full year, respectively, as compared with 148,288 bopd and 135,811 bopd during the corresponding prior periods. This was higher due to the ramp-up of Rajasthan operations during the year. Expected resistance and support levels for the crude March contract with expiry date of 19 APRIL 2012 are:
SUPPORT 1: 5200
SUPPORT 2: 5170
RESISTANCE 1: 5285
RESISTANCE 2: 5335
GOLD (JUN) - While gold got a boost from a soft U.S. jobs report Friday, the data may not be a “game-changer” and the market will soon turn its attention to the next meeting of the Federal Open Market Committee, said UBS in a daily commodity briefing. According to the bank, gold is down from late-February levels due to diminished prospects for more quantitative easing. Resistance and support levels for the today’s session:
SUPPORT 1: 28410
SUPPORT 2: 28190
RESISTANCE 1: 28770
RESISTANCE 2: 28900
SILVER (MAY) – Silver prices are likely to remain volatile as the outlook for industrial demand softens but investor appetite is not overextended. Chinese silver imports are down about a third for the year to date. “On a product basis, semi-manufactured silver continued to decline in February, while silver powder and jewelry imports recovered but are still down for the YTD. On domestic front Silver’s Expected resistance and support levels for today trade are as follows:
SUPPORT 1: 55800
SUPPORT 2: 55400
RESISTANCE 1: 56510
RESISTANCE 2: 56800
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Copper
MCX copper prices are predictable to trade in a range of Rs 420-Rs 470 for the month of April, SMC India states in a report. Financial concerns from Europe, economic data from the US and the movement of the US Dollar are expected to make copper prices volatile all through the month while Chinese copper consumption is expected to be the focus of investor inquiry.
The global supply of copper will reduce short of demand until the second half of 2013 as environmental and financing difficulties holdup new production plants. Project delays and unexpected production halts have maintained a five-year copper supply deficit of between 300,000 and 400,000 tones a year, or about 3 percent of the world's production, helping prices hit an all-time high early in 2011.
The supply distraction due to strike in mines along with positive economic data can add to the support for prices.
Crude oil
Some companies in the oil and gas business get extra appreciation in the market than they perhaps deserve. Others labor away building their assets and cash flow with little market acknowledgment.
Nynex crude oil prices declined by 1.2 percent yesterday on the back of the news that Iran has agreed to resume its nuclear talks with US and its allies that eased the supply worries.
Gold
While gold got a boost from a soft U.S. jobs report Friday, the data may not be a “game-changer” and the market will soon turn its attention to the next meeting of the Federal Open Market Committee, said UBS in a daily commodity meeting.
Some of the industrial metals could come under pressure early in the second quarter before rising beyond into the future, said TD Securities in a daily research note.
Silver
Silver futures at MCX opened positive today because of Rupee weakness against US dollar. However, spot Silver pressure continued as worries about reduction in manufacturing in both the Euro zone and China triggered a broad sell-off.
Silver May future at MCX is currently trading at Rs 56319, up by 0.03 percent. It touched an intra-day high of Rs 56417. At COMEX, spot silver traded around $ 31.522 per ounce, down by 0.34 percent.
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