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| Commodity Trading Levels |
COPPER (APR) – Expected resistance and support level for today trade are as follows:
SUPPORT 1: 423.35,
SUPPORT 2: 421.85,
RESISTANCE 1: 428.75
RESISTANCE 2: 431.15
CRUDE OIL (MAY) – 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: 5245
SUPPORT 2: 5155
RESISTANCE 1: 5495
RESISTANCE 2: 5575
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: 28625
SUPPORT 2: 28510
RESISTANCE 1: 28820
RESISTANCE 2: 28905
SILVER (MAY) – On domestic front Silver’s Expected resistance and support levels for today trade are as follows:
SUPPORT 1: 56425
SUPPORT 2: 56310
RESISTANCE 1: 56625
RESISTANCE 2: 56735
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Daily Commodity News Bulletin
At the Multi Commodity Exchange of India (MCX), precious metals like gold and silver together with copper are moving lower on Monday after a stronger Chinese PMI failed to convince investors on the strength of the Chinese economy.
MCX copper April contract is trading at Rs 422, down 0.76% as of 10:34 AM IST, MCX gold June contract is at Rs 28661, down 0.14% while MCX silver May contract is down by 0.22% at Rs 56392.
The Silver Institute/GFMS World Silver Survey 2012 released Thursday reported that although supply declined quicker than fabrication demand last year, the market remained in hefty surplus in excess of 5kt (2010: 5.7kt surplus), said Barclays Capital in a commodity research note.
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