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| Commodity News & Trading Levels |
COPPER (APR) – Expected resistance and support level for today trade are as follows:
SUPPORT 1: 413.35
SUPPORT 2: 411.85
RESISTANCE 1: 417.75
RESISTANCE 2: 419.15
CRUDE OIL (APR) – Crude Oil prices have been rising for several months amid an EU states' boycott of oil supplies from Iran. Oil traders are also concerned about the possibility of a future war with Iran as well as wider political instability in the Middle East, including the crisis in Syria. Expected resistance and support levels for the crude APR contract with expiry date of 19 APRIL 2012 are:
SUPPORT 1: 5190
SUPPORT 2: 5085
RESISTANCE 1: 5415
RESISTANCE 2: 5510
GOLD (JUNE) - Gold’s ability to edge higher at the start of the week is impressive considering the lack of retail jewelry demand in India due to a protest by jewelers. Resistance and support levels for the today’s session for Gold JUNE contract which will expire on JUNE 2012 are:
SUPPORT 1: 28525
SUPPORT 2: 28410
RESISTANCE 1: 28715
RESISTANCE 2: 28835
SILVER (MAY) – From the economic data front as well we can see the US releases may come up with a good signal to the economy. However, an increase in jobless claims due to slash in government jobs might pressurize the dollar. So, silver is likely to remain strong for the day and hence, we recommend remaining long for the metal for the day. On domestic front Silver’s Expected resistance and support levels for today trade are as follows:
SUPPORT 1: 55925
SUPPORT 2: 55710
RESISTANCE 1: 56195
RESISTANCE 2: 56315
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Daily Commodity News Updates
Copper
The global market for copper is predictable to hit 27.5 mn metric tons by the year 2017, predicts the research report titled "Copper: A Global considered Business Report" released by Global Industry Analysts Inc.
The global market for copper is predictable to hit 27.5 mn metric tons by the year 2017, predicts the research report titled "Copper: A Global considered Business Report" released by Global Industry Analysts Inc.
Gold
Comex gold is marginally lower after a consolidation session. "Wednesday was one of the most quiet days in the precious metals in current memory," said John Howlett, division vice president with Mitsubishi International Corp.k
Silver
United States Mint reported that the sales of gold and silver coins bounced back in March this year from February but remained well below January's levels. The US Mint has sold 10,459,000 ounces of silver and 214,500 ounces of gold till March.
Crude oil
WTI crude oil may soon cost almost the same as Brent oil prices, a research note by Goldman Sachs states. The WTI-Brent spread, the differential between both these oil prices, had spiked to about $20/barrel over the past weeks as WTI prices were depressed from high level of inventories.
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