COMMODITY NEWS AND TRADING LEVELS FOR 10TH MAY 2012

Commodity Trading Levels

Expected resistance and support level for Copper today trade are as follows:

COPPER (JUN):

TREND CONSOLIDATE

SUPPORT 1: 433.55

SUPPORT 2: 426.35

RESISTANCE 1: 444.75

RESISTANCE 2: 449.85

Expected resistance and support level for Crude oil today trade are as follows:

CRUDE (MAY):

TREND CONSOLIDATE

SUPPORT 1: 5105

SUPPORT 2: 5015

RESISTANCE 1: 5395

RESISTANCE 2: 5485

Expected resistance and support level for Gold today trade   are as follows:

GOLD (JUN):

TREND BEARISH

SUPPORT 1: 28575

SUPPORT 2: 28465

RESISTANCE 1: 28795

RESISTANCE 2: 28885

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

SILVER (JUL):

TREND BEARISH

SUPPORT 1: 55045

SUPPORT 2: 54895

RESISTANCE 1: 55265

RESISTANCE 2: 55395

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Market News Today

We see a slightly positive opening but market players are likely to remain skittish amid persistent FII selling and weakness in the rupee. Watch out for the IIP data on Friday. Result-oriented action is likely to continue.

    

The market is treading along with no clear goal in sight. While, the GAAR deferment saved  the day on Monday, eurozone worries caused a tumble on Tuesday. Weakness persisted on Wednesday and the volatile Nifty closed below 5000 again. Greece and Spain continue to be major source of fear. Efforts to form a government in debt-plagued Greece have failed. 

Global markets may continue to be driven by eurozone problems in the near term. Fresh batch of Chinese data will also be followed closely along with Fed chief Ben Bernanke’s latest speech. 

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