COPPER (JUN) – London Metal Exchange base metal prices continued down trend on Thursday. Chinese copper imports saw a double digit decline Month-on-Month in April, latest data from the General Administration of Customs shows. China accounts for about 40% of global copper consumption. Expected resistance and support level for today trade are as follows:
TREND BEARISH
SUPPORT 1: 424.55
SUPPORT 2: 415.35
RESISTANCE 1: 439.75
RESISTANCE 2: 445.85
CRUDE OIL (MAY) – Contrary to market fears, crude oil is plentiful and prices have been spiking purely because of geopolitical reasons, the Organization of Petroleum Exporting Nations (OPEC) stated in its latest report. Expected resistance and support levels for the crude may contract with expiry date of may 2012 are:
TREND BEARISH
SUPPORT 1: 5075
SUPPORT 2: 4965
RESISTANCE 1: 5235
RESISTANCE 2: 5345
GOLD (JUN) - Gold’s fall to the $1,580-an-ounce level this week seems to have elicited a response from the two key physical markets of India and China. Weakness in the Indian rupee has negative implications for Indian gold demand. The dollar got as high as 53.913 rupees overnight, up nearly 23% since the late-July low. “Further INR weakness, which leads to higher gold prices in local currency terms, may keep interest in Indian gold jewelry at bay. Resistance and support levels for the today’s session for Gold JUN contract which will expire in JUN 2012 are:
TREND BEARISH
SUPPORT 1: 28245
SUPPORT 2: 28065
RESISTANCE 1: 28545
RESISTANCE 2: 28785
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 is Expected resistance and support levels for today trade are as follows:
TREND BEARISH
SUPPORT 1: 53645
SUPPORT 2: 53090
RESISTANCE 1: 54565
RESISTANCE 2: 54995
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