COMMODITY NEWS AND TRADING LEVELS FOR 26TH APRIL 2012

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COPPER (APR) – Expected resistance and support level for today trade are as follows:

SUPPORT 1: 426.35

SUPPORT 2: 423.85

RESISTANCE 1: 432.75

RESISTANCE 2: 435.15

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 MAY 2012 are:

SUPPORT 1: 5415

SUPPORT 2: 5305

RESISTANCE 1: 5605

RESISTANCE 2: 5715

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: 28725

SUPPORT 2: 28610

RESISTANCE 1: 28960

RESISTANCE 2: 29055

SILVER (MAY) – On domestic front Silver’s Expected resistance and support levels for today trade are as follows:

SUPPORT 1: 55025

SUPPORT 2: 54910

RESISTANCE 1: 55275

RESISTANCE 2: 55385

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Daily Commodity News Updates : 26^th April 2012

The start is likely to be flat to slightly better following the overnight rally on Wall Street and Europe after the Federal Reserve chairman Ben S. Bernanke said that the central bank was prepared to add to the stimulus if the need arises.

One may be inclined to believe that the Akshaya Tritiya proved to be auspicious with gold sales and prices rising and the equity market too notching moderate gains after two successive down sessions. There is no denying the fact that things haven’t really turned around for our markets. If anything, the gains made in the first two months have been undone somewhat in the past couple of months. 

Copper

Following the Chilean copper confab, CESCO, there was slight change in the conviction in the view of copper prices by conference-goers, said Deutsche Bank in commodity research note.

Crude oil prices

Commodity exporters are going to face challenges on account of global slowdown and they need to have fiscal policies build to cushion the economy from volatility in prices. When prices are strong, they should lower the debt, ensure fiscal support in the event of downswing in commodity prices.

Ross Norman, CEO of Sharps Pixley, describes gold as “under-owned” and sees potential for another wave of retail investment demand on the horizon, particularly amid worries about an economic collapse in Europe and the future of the euro.

Gold Silver

The lack of fresh bullish news could prompt a further dip in gold and silver, while economic concerns could dent more industrially oriented metals, said TD Securities in a snippet.

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