FREE COMMODITY TIPS AND COMMODITY TRADING LEVELS FOR 21STJUNE 2012

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COPPER (JUN): Copper rose in London, rebounding from the longest losing streak since September, after China eased reserve requirements to stoke lending in the world’s biggest consumer of the metal. Copper for three-month delivery settled 0.7 percent higher at $8,235.50 a metric ton on the London Metal Exchange. Prices slid 6.7 percent over six sessions before today. Copper for May delivery rose 1.1 percent to $3.7565 a pound by 1:06 p.m. on the Comex in New York, where floor trading was closed today for the Presidents’ Day holiday..Expected resistance and support level for today trade are as follows.
 
TREND BULLISH

SUPPORT 1: 414.60
SUPPORT 2: 406.85

RESISTANCE 1: 428.40
RESISTANCE 2: 433.55
CRUDE OIL (JUL) – Oil dropped to the lowest price in eight months in New York after U.S. stockpiles unexpectedly increased and a report signaled China’s manufacturing will shrink this month. Oil for August delivery slid as much as $1.24 to $80.21 a barrel, the lowest price for a front-month contract since Oct. 6, in electronic trading on the New York Mercantile Exchange. It was at $80.35 at 1:55 p.m. Sydney time. The July contract, which expired yesterday, fell $2.23 to $81.80. Futures are down 19 percent this year. Expected resistance and support levels for the crude JUN contract are:


TREND CONSOLIDATE

SUPPORT1: 4565
SUPPORT2: 4478

RESISTANCE1: 4770
RESISTANCE2: 4895

GOLD (AUG) –  Gold fell $28.82 to as low as $1590.78 just after the fed’s announcement before it climbed back above $1620 over the next couple of hours of trade, but it then fell back off into the close and ended with a loss of 0.82%.  Silver slipped to $27.73 just after the fed’s announcement before it also bounced back higher, but it then dropped again in late trade and ended with a loss of 1.23%.Resistance and support levels for the today’s session for Gold AUG contract 2012 are:

TREND BULLISH  

SUPPORT1: 29990
SUPPORT2: 29685

RESISTANCE1: 30430
RESISTANCE2: 30685
                                   
SILVER (JUL) MCX SILVERMIC June contract was trading at Rs 54525.00 up Rs 48.00, or 0.09%. It touched an intraday high of Rs 54575.00 and an intraday low of Rs 54322.00. So far 36254 contracts have been traded. MCX SILVERMIC August contract was trading at Rs 55839.00 up Rs 22.00, or 0.04%. It touched an intraday high of Rs 55889.00 and an intraday low of Rs 55670.00. So far 5547 contracts have been traded.
Silver is Expected resistance and support levels for today trade are as follows.

TREND CONSOLIDATE

SUPPORT1: 53820
SUPPORT2: 53555

RESISTANCE1: 54870
RESISTANCE2: 55360

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We expect a cautious opening. Asian markets are mostly in the red. Also, the preliminary HSBC China manufacturing PMI for June has dropped vs. final May reading. The sentiment will continued to be driven by a combination of domestic and external factors.

The main indices will remain choppy and rangebound in the near term.
Key Results Today: Indraprastha Gas, Bharat Electronics.



Daily Free Commodity Tips and Free Commodity 
News Updates

Gold :

Gold is volatile in the aftermath of a statement from the Federal Open Market Committee extending Operation Twist, with a swift sell-off quickly attracting bargain hunters.

Silver:

The silver refinery of Nadir Metal Rafineri San. Ve Tic. A.Ş. of Turkey was added to the London Bullion Market Association’s Good Delivery List for silver, effective Wednesday, said the LBMA.

Crude oil:

Iranian geopolitics have drove oil prices higher in early 2011 and are again driving prices higher in 2012.

Copper:

London Metal Exchange (LME) Copper slightly up on Tuesday, supported by a fall in the dollar but also pressured by concerns about the euro zone's debt problems as Spanish and Italian bond yields spiked, while trading was muted ahead of a Federal Reserve policy meeting.


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