FREE COMMODITY TIPS AND COMMODITY TRADING LEVELS FOR 9TH JULY 2012

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COPPER (AUG): London copper gained slightly on Monday, after dropping more than 2 percent in the prior session, as data showing China's inflation cooled further in June helped counter a bleak U.S. jobs report.    Three-month copper on the London Metal Exchange edged up 0.3 percent to $7,550.25 per ton by 0158 GMT,snapping three sessions of losses. Expected resistance and support level for today trade are as follows.

TREND CONSOLIDATE

SUPPORT 1: 424.35

SUPPORT 2: 423.85

RESISTANCE 1: 425.35

RESISTANCE 2: 425.55

CRUDE OIL (JUL) : Crude oil rose above $100 again following tension in Iran and a workers strike in Norway. Agri commodities continued their winning streak with corn, wheat and soybean leading the rally. Brent crude for August gained 62 cents, or 0.6 percent, to $98.81 a barrel on the London-based ICE Futures Europe exchange. The European benchmark’s premium to WTI was at $13.91, from $13.74 on July 6.Expected resistance and support levels for the crude JUN contract are:

TREND BULLISH

SUPPORT1: 4720

SUP2: 4706

RESISTANCE1: 4744

RESISTANCE2: 4755

GOLD (AUG): Gold inched down on Monday, extending losses to a third session, on a lack of conviction the U.S. Federal Reserve would take measures to stimulate the economy anytime soon even after a disappointing jobs report.. Spot gold dropped to its lowest in almost two weeks of $1,575.89 an ounce, before recovering slightly to $1,580.09 an ounce by 0346 GMT.However, Reuter’s market analyst Wang Tao expects spot gold to fall to $1,540 an ounce during the day.U.S. Gold futures contract for August delivery was up 0.2 percent to $1,581.20. Resistance and support levels for the today’s session for Gold AUG contract 2012 are:

TREND CONSOLIDATE

  

SUP1: 29602

SUP2: 29587

RESISTANCE1: 29630

RESISTANCE2: 29645

                                   

SILVER (SEP): Silver prices displayed marked volatility over the past week before recording a notable surge on Tuesday on the back of stronger equity prices. Silver’s flexibility as an industrial and precious metal has proven to be a double-edged sword and has contributed to a steep drop in the metal’s price over the second quarter. Last week’s closing price of $27.02 per ounce (oz) marked the metal’s largest quarterly loss in almost four years – down 19 percent for the period in comparison to a 7.2 percent decline in gold futures over the same period

Silver is Expected resistance and support levels for today trade are as follows:

TREND CONSOLIDATE

SUPPORT1: 53090

SUPPORT2: 53015

RESISTANCE1: 53230

RESISTANCE2: 53287

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A fall is given at start  due to depressed global cues. US stocks tumbled on Friday following a disappointing monthly jobs report.  High unemployment is one of the major headwinds confronting the developed world. It is likely to stay elevated as growth continues to be anemic. European markets too slumped on Friday with Spanish bond yields back near 7%. Asian markets are mostly in the red this morning. 

Markets around the world are unlikely to find any respite from selling pressure in the near term amid mounting worries over slowing growth. While the Indian market has held up quite well lately, the resilience will be tested in the coming days as companies start reporting Q1 FY13 results.

Investors will keenly track data on industrial production and inflation in the run up to the month-end RBI policy review. Thursday will be a big day for the Indian markets, as apart from the latest IIP data, investors will react to earnings from IT titans Infosys and TCS.

HDFC siblings are also due to announce their results this week along with few other companies. The results season will see a pick up from next week. 

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