COMMODITY NEWS AND TRADING LEVELS FOR 30TH APRIL 2012

Commodity Trading Levels
COPPER (APR) – Base metals accentuated and headed for the second consecutive weekly gains on Friday, 27th April. The rise in global equities and euro helped the metals to extend its gains and improved the risk appetite. Likewise at MCX, Copper for delivery in April was trading higher by 0.3% or Rs. 1.35 at Rs. 437.55 per kg. Expected resistance and support level for today trade are as follows:

TREND BULLISH

SUPPORT 1: 441.55
SUPPORT 2: 437.35

RESISTANCE 1: 447.45
RESISTANCE 2: 450.85

CRUDE OIL (May) – International oil price politics have returned to the frontage, including obvious pressure from consuming governments for policy actions to dampen the oil market. Among the most prominent of those caught in the middle of this renewed flaring of oil price politics is of course Saudi Arabia. Expected resistance and support levels for the crude may contract with expiry date of 19 APRIL 2012 are:

TREND BULLISH

SUPPORT 1: 5425
SUPPORT 2: 5305

RESISTANCE 1: 5615
RESISTANCE 2: 5705

GOLD (JUNE)Gold rose well above $1660 per ounce today, adding to the prior session's gains on follow up buying and ideas that global central bankers would continue to execute money printing operations and debase their currencies. MCX Gold futures for June have broken above Rs. 29000 per 10 grams and currently trade at Rs. 29103, up Rs. 73 per 10 grams on the day. Resistance and support levels for the today’s session for Gold June contract which will expire on June 2012 are:


TREND BULLISH

SUPPORT 1: 29015
SUPPORT 2: 28925

RESISTANCE 1: 29225
RESISTANCE 2: 29335

SILVER (MAY) Investors are losing their interest in gold and are putting their money in silver, latest data released by the London Bullion Market Association (LBMA) shows. LBMA represents the wholesale over-the-counter market for gold and silver in London. Silver’s Expected resistance and support levels for today trade are as follows:

TREND CONSOLIDATE

SUPPORT 1: 55705
SUPPORT 2: 55595

RESISTANCE 1: 55965
RESISTANCE 2: 56095

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Market Overview :

We know that April has not been a good month with FIIs pulling out Rs. 7.77bn from Indian equities. The rupee too is on a sticky wicket due to rising deficits and global risk aversion. What we know not is whether we may see any improvement in sentiment in the coming month. Last week was another grinding one with the key stock indices losing further ground on steady FII selling and mixed corporate earnings.

The start today is likely to be mildly positive on healthy global cues. Asian indices are firm. Markets in Japan and China are shut today. US markets closed higher on Friday despite disappointing GDP data. European stocks ended higher.

We might see sluggish movement in key indices as market players remain cautious. Indian markets are closed on Tuesday on account of the Maharashtra Day. Trading in the remainder of the week will be underpinned by results and data (local and global).

Daily Commodity News Bulletin  

Gold:

Gold prices are finding support on technical chart factors, with June Comex gold holding above the 10-day and 20-day moving averages, at roughly $1,646 and $1,652 an ounce, respectively, said Charles Nedoss, senior market strategist at Olympus Futures.

Silver:

Other commodity futures prices also declined in sympathy with the drop in cattle related futures. Silver futures were no exception, despite no significant change in the underlying fundamental picture for silver.

Copper :

The amount of copper being stored by China is astounding, says a recent report by Standard Chartered states while adding that even low key warehouses were filled with copper.

Crude oil :

Crude oil imports into Japan grew by 11.3% Year-on-Year (YoY) in March, as per data released by the the country's Ministry of Economy, Trade and Industry (METI). Japan is the third largest consumer of crude oil in the world.

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