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| Commodity Trading Tips |
COPPER (JUNE) – The political uncertainties in Europe due to the election in the major economies France and Greece rattled the metal market during the opening session on Monday, 7th May. It ignited the fears of investors that European austerity measures will falter and need additional stimulus to prop-up the region's economies. LME is closed today on public holiday.Comex Copper future for the most active July contract was trading flat at $3.718 a pound on Monday. SHFE Copper future for most active August 2012 contract settled at 57530 yuan per tonne, down by 1.1% (620 yuan). Likewise at MCX, Copper for delivery in June was plunged by 1% or Rs. 4.4 at Rs. 435.9 per kg. Expected resistance and support level for today trade are as follows:
TREND CONSOLIDATE
SUPPORT 1: 439.35
SUPPORT 2: 435.85
RESISTANCE 1: 449.75
RESISTANCE 2: 454.15
CRUDE OIL (MAY) – Japan is reportedly considering to provide sovereign guarantees to its oil tankers so that it could continue importing oil from Iran after the EU sanctions comes into effect on July 01, 2012. Japan is Iran's major customer. India' crude oil imports reached 172.11MMT in 2011-12, with a 5% increase from that of 163.59 MMT in 2010-11. Expected resistance and support levels for the crude may contract with expiry date of 19 MAY 2012 are:
TREND BEARISH
SUPPORT 1: 5105
SUPPORT 2: 5015
RESISTANCE 1: 5305
RESISTANCE 2: 5415
GOLD (JUNE) – Gold slipped yesterday, following a mega rally in the US dollar as global investors eyed the change in French presidency and a sell off in world markets took a toll on the yellow metal. The US dollar rose to its four-month highs against the Euro today, after European voters rejected pro-austerity candidates in weekend elections. Gold had dropped last week and today's losses meant that a brief bounce after Friday's non-farm payrolls data proved momentary. Resistance and support levels for the today’s session for Gold June contract which will expire on June 2012 are:
TREND CONSOLIDATE
SUPPORT 1: 28825
SUPPORT 2: 28710
RESISTANCE 1: 29040
RESISTANCE 2: 29155
SILVER (JUL) – The increasing industrial use of silver will help the metal outperform gold when it comes to precious metal investments, as the supply/demand fundamentals point to a continued scarcity of silver and ensure a shortage of supply in future which will end in the higher silver bullion prices. Silver’s Expected resistance and support levels for today trade are as follows:
TREND BEARISH
SUPPORT 1: 55725
SUPPORT 2: 55610
RESISTANCE 1: 55975
RESISTANCE 2: 56085
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Market overview
Things went along expected lines on Monday. While stocks got pummeled initially in the wake of unfavorable outcome of elections in France and Greece, the market rebounded in the afternoon after the Finance Minister deferred the implementation of the proposed GAAR by a year. Pranab Mukherjee has also rolled back a few other seemingly unpopular measures. The rupee, which took a fresh tumble manage to rally 1%.
What is even more heartening is that markets in Europe and the US managed to bounce back after the initial knee-jerk fall. But, the Greek stock benchmark sank 7% following a hung election verdict. Greece is perhaps more of a problem than France.So, brace for some fresh uncertainty in the eurozone in the near term.
What is even more heartening is that markets in Europe and the US managed to bounce back after the initial knee-jerk fall. But, the Greek stock benchmark sank 7% following a hung election verdict. Greece is perhaps more of a problem than France.So, brace for some fresh uncertainty in the eurozone in the near term.
Daily Commodity News Bulletin
{Views on Gold, Silver, copper, crude oil}
Gold:
Allied Nevada Gold Corp.(TSX:ANV)(NYSE-AMEX:ANV) says that first-quarter gold and silver production rose compared to the first quarter of 2011 and the company expects primary guidance for 2012 to be met.
Silver:
The increasing industrial use of silver will help the metal outperform gold when it comes to precious metal investments, as the supply/demand fundamentals point to a continued scarcity of silver and ensure a shortage of supply in future which will end in the higher silver bullion prices, says the recent article in financial site Penny Stocks Detectives.
Copper:
Increased use of copper for financing is causing the low levels of inventories at the warehouses monitored by the London Metal Exchange (LME), research group Macquarie stated in their latest report.
Crude oil:
Japan is reportedly considering to provide sovereign guarantees to its oil tankers so that it could continue importing oil from Iran after the EU sanctions comes into effect on July 01, 2012. Japan is Iran's major customer.
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