COPPER (JUN) – copper rose on Wednesday, its first trading day this week, benefitting from a weaker dollar as investors looked to the European Central Bank for a possible solution to the euro zone debt crisis which has hurt raw material demand. The ECB meeting comes a day after finance ministers from the world's seven major economies discussed financial and fiscal union in Europe and agreed towork together to deal with the problems in Spain and Greece, but took no joint action.
Expected resistance and support level for today trade are as follows:
TREND CONSOLIDATE
SUPPORT 1: 402.50
SUPPORT 2: 394.60
RESISTANCE 1: 417.90
RESISTANCE 2: 423.70
CRUDE OIL (JUN) – Crude futures settled slightly higher Tuesday as traders reacted to improving U.S. services-sector data and factored in an expected drop in oil inventories, while remaining cautious on the European debt crisis. Light, sweet crude for July delivery settled at $84.29 a barrel, up 31 cents, or 0.4%, on the New York Mercantile Exchange after wavering around $84 in early afternoon trading. For the year to date, the price of the front-month contract traded in New York is down almost 15%. Brent crude on the ICE Futures exchange traded one cent lower at $98.84 a barrel.
Expected resistance and support levels for the crude JUN contract are:
TREND CONSOLIDATE
SUPPORT 1: 4480
SUPPORT 2: 4345
RESISTANCE 1: 4732
RESISTANCE 2: 4870
GOLD (AUG) – The ECB is expected to indicate a readiness to cut interest rates as soon as next month but hold back from policy moves, after a Group of Seven emergency conference call on Tuesday failed to produce any concrete solution. Gold has held steady above $1,600 an ounce since it rallied 4.3 percent last Friday, as investors expect further monetary easing from the central banks, especially the U.S. Federal Reserve, after data showed a surprisingly weak job market. Resistance and support levels for the today’s session for Gold JUN contract which will expire IN JUNE 2012 are:
TREND CONSOLIDATE
SUPPORT 1: 29880
SUPPORT 2: 29635
RESISTANCE 1: 30160
RESISTANCE 2: 30380
SILVER (JUL) – Strengthening dollar is actually suppressing the white precious metal since last few sessions. Silver is Expected resistance and support levels for today trade are as follows.
TREND CONSOLIDATE
SUPPORT 1: 53320
SUPPORT 2: 52813
RESISTANCE 1: 54535
RESISTANCE 2: 55120
Expected resistance and support level for today trade are as follows:
TREND CONSOLIDATE
SUPPORT 1: 402.50
SUPPORT 2: 394.60
RESISTANCE 1: 417.90
RESISTANCE 2: 423.70
CRUDE OIL (JUN) – Crude futures settled slightly higher Tuesday as traders reacted to improving U.S. services-sector data and factored in an expected drop in oil inventories, while remaining cautious on the European debt crisis. Light, sweet crude for July delivery settled at $84.29 a barrel, up 31 cents, or 0.4%, on the New York Mercantile Exchange after wavering around $84 in early afternoon trading. For the year to date, the price of the front-month contract traded in New York is down almost 15%. Brent crude on the ICE Futures exchange traded one cent lower at $98.84 a barrel.
Expected resistance and support levels for the crude JUN contract are:
TREND CONSOLIDATE
SUPPORT 1: 4480
SUPPORT 2: 4345
RESISTANCE 1: 4732
RESISTANCE 2: 4870
GOLD (AUG) – The ECB is expected to indicate a readiness to cut interest rates as soon as next month but hold back from policy moves, after a Group of Seven emergency conference call on Tuesday failed to produce any concrete solution. Gold has held steady above $1,600 an ounce since it rallied 4.3 percent last Friday, as investors expect further monetary easing from the central banks, especially the U.S. Federal Reserve, after data showed a surprisingly weak job market. Resistance and support levels for the today’s session for Gold JUN contract which will expire IN JUNE 2012 are:
TREND CONSOLIDATE
SUPPORT 1: 29880
SUPPORT 2: 29635
RESISTANCE 1: 30160
RESISTANCE 2: 30380
SILVER (JUL) – Strengthening dollar is actually suppressing the white precious metal since last few sessions. Silver is Expected resistance and support levels for today trade are as follows.
TREND CONSOLIDATE
SUPPORT 1: 53320
SUPPORT 2: 52813
RESISTANCE 1: 54535
RESISTANCE 2: 55120
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Free Commodity Market Overview
Like slight drizzle brings some relief from soaring heat and raises the hopes of a good monsoon,
The opening is likely to be positive, thanks to encouraging global cues. The main worry is that FII flows have not turned around. In fact, reports suggest some of them have switched to offshore alternatives to trade in Indian equities due to GAAR. All eyes are on monsoon. Another normal rainy season is crucial for India, which is battling a global slowdown and policy inaction. Telecom stocks will be in focus post the EGoM meet on 2G auction.
The ECB will hold its policy meeting today while Ben Bernanke will testify before the Congress on Thursday.
Conjecture about a possible repo rate cut by the RBI on June 18 has driven the sentiment in the past 2-3 sessions. But, it is still in the doubt, as sticky inflation, weak rupee and widening twin deficits may prevent the RBI from easing. Watch out for the latest current account deficit numbers later this month. Before that, markets will react to the latest IIP data and inflation numbers.
Greece election on June 17 is the most critical event of this month for the world markets. The end-of-the-month G-20 summit and FOMC policy meeting will also have a bearing on sentiment.
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News Updates
Gold
Comex August gold traded in a narrow $12.30 range Tuesday ahead of a European Central Bank meeting Wednesday and congressional testimony from Federal Reserve Chairman Ben Bernanke on Thursday, said Mike Daly, gold and silver specialist with PFGBEST.
Silver
Like gold, silver holds a position in the center of Exter’s pyramid as a commodity, as well as at the narrow bottom of the pyramid as a hard currency to which safe haven funds flow in financially troubled times.
Crude oil
In the central scenario of the IEA’s flagship publication World Energy Outlook – which takes account of broad policy commitments and plans that have been announced by countries – ASEAN primary energy demand expands by 90% between 2009 and 2035, an annual growth rate of 2.3% – almost double the 1.2% average rate in the rest of the world.
Copper
Copper could rebound to $7,500-$7,700 per metric ton within the next a week or two, said R.J. O'Brien & Associates in a snippet.
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