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COPPER (AUG): Three-month copper on the London Metal Exchange edged up 0.3 percent to $7,714.75 per metric ton (1.1023 tons) by 9.05 p.m. EDT on Thursday, on track to post a second consecutive week of gains this week. The most-active October copper contract on the Shanghai Futures Exchange edged up 0.1 percent to 56,030 Yuan ($8,800) per metric ton, on track to post a 1.9 percent rise on the week. Expected resistance and support level for today trade are as follows.

SUPPORT 1: 425.80
SUPPORT 2: 422.25

RESISTANCE 1: 430.55
RESISTANCE 2: 433.55
CRUDE OIL (JUL) : Oil futures eased Thursday, as a stronger U.S. dollar and shrinking hopes for aggressive U.S. stimulus measures overshadowed an unexpectedly large decline in U.S. crude inventories. Light, sweet crude for August delivery fell 44 cents, or 0.5%, to settle at $87.22 a barrel on the New York Mercantile Exchange. Statoil said the shortfall in its production will be around 1.2 million barrels of oil equivalent a day..Expected resistance and support levels for the crude JUN contract are:


SUPPORT1: 4752
SUPPORT2: 4728


GOLD (AUG): Gold remained on track for second straight week of gains on Friday, though it was little changed from the day before as investors waited for more data to help gauge the health of the world's top economy and provide trading cues. Spot gold was little changed at $1,605.19 an ounce by0313 GMT on Friday, on course for a weekly rise of 0.4 percent. The U.S. gold futures contract for August delivery edged down 0.2 percent to $1,605.90.Technical analysis suggested that spot gold could fall to$1,586 an ounce during the day, said Reuters market analyst WangTao. Resistance and support levels for the today’s session for Gold AUG contract 2012 are:


SUPPORT1: 29610
SUPPORT2: 29470

SILVER (SEP): Silver futures for September delivery slid 2.1 percent to $27.672 an ounce. Silver, the poor man’s gold, to average $38 an ounce in the fourth quarter this year and to average $42/oz in 2013, said Deutsche Bank, the largest bank in Germany, in a quarterly commodities research note.Silver is Expected resistance and support levels for today trade are as follows.

SUPPORT1: 53627
SUPPORT2: 53523


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Free Commodity Market Overview       

India’s main indices will be cautious at start, tracking the weak global cues.The Rupee is still under pressure as overseas investors are not convinced about ongoing attempts to shore up growth. Foreign investors are perhaps waiting for more certain action, which is unlikely this month due to the Presidential election.

Sometimes markets behave in a confusing way. The reaction of world equity markets to monetary easing by three top central banks falls is the good example of this trait. Major global stock indices have lost ground despite the monetary stimulus unleashed by central banks in China, Europe and the UK to contain the global economic mess.

As always, the month-end RBI policy meeting will be important after the fresh policy easing done by other central banks. Before that, we will have to face with data on industrial production and WPI inflation. Progress of monsoon and corporate earnings are among the other key variables.

Friday’s monthly jobs data out of the US will be closely tracked to gauge the state of the world’s largest economy. 

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News Updates

China Gold output rises 6.59% y-o-y in Jan-May

World's largest gold producer, China, gold out put recorded growth of 6.59% y-o-y, reaching to 140.7 tonnes during the first five months(January- May) of this year, according to the official data released by Ministry of Industry and Information Technology.

Silver to average $38/oz in Q4 2012, $42 in 2013; Gold at $2,000 in 2013: Deutsche Bank

Silver, the poor man’s gold, to average $38 an ounce in the fourth quarter this year and to average $42/oz in 2013, said Deutsche Bank, the largest bank in Germany, in a quarterly commodities research note.

Crude Oil prices set for gains despite weak maco-environment

On technical charts, the mid-range close on Wednesday suggest a steady opening in US markets for Thursday night session, HY Markets said.

Indian Copper production up by 8.1% in Jan-May 2012

India's cumulative copper production during the period of January-May 2012 had reported a significant growth of 8.1%, reaching to 2378000 tonnes, according to the National Bureau of Statistics. The rise in copper concentrate import may help to boost refined copper production from current levels, observes SMC research team


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