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SUPPORT 1: 413.35
SUPPORT 2: 410.85
RESISTANCE 1: 418.75
RESISTANCE 2: 422.15
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: 5235
SUPPORT 2: 5105
RESISTANCE 1: 5415
RESISTANCE 2: 5515
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: 28425
SUPPORT 2: 28310
RESISTANCE 1: 28685
RESISTANCE 2: 28720
SILVER (MAY) – On domestic front Silver’s Expected resistance and support levels for today trade are as follows:
SUPPORT 1: 55925
SUPPORT 2: 55810
RESISTANCE 1: 56125
RESISTANCE 2: 56235
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Daily Commodity News Updates
London Metal Exchange base metal prices showed a mixed trend on wednesday. Nickel and Tin prices continued down trend in LME market.
In today’s session, we expect crude oil prices to trade higher on back of upbeat growth outlook from IMF, reversal of seaway pipeline news and a weaker dollar index.
Reuters reported that huge stocks of copper in Chinese warehouses will likely poorer copper prices in the second quarter of 2012.
On the London Metal Exchange, copper for three months delivery CMCU3 touched a session low of $7,610.25, its weakest since March 29, before ending at $7,696 a tonne from $7,763 on Friday, when it lost over 2 percent of its value.
Comex gold futures prices finished the U.S. day session lower Wednesday. The key “outside markets” were in a bearish daily posture for the precious metals, as the U.S. dollar index was firmer and crude oil prices were lower. Also, with a lack of major, fresh fundamental news to drive the metals markets recently, trading has been mostly technical in nature—and the near-term technical’s in the precious metals tilt toward the bears. June gold last traded down $11.20 at $1,639.70 an ounce. Spot gold was last quoted down $11.00 an ounce at $1,639.59. May Comex silver last traded down $0.209 at $31.46 an ounce.
China is all set to launch the trading of Crude oil futures, states Guo Shuqing, Chairman of the China Securities Regulatory Commission . China is the world's second largest consumer of crude oil.
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