COMMODITY NEWS AND TRADING LEVELS FOR 15TH MAY 2012

Commodity Trading Levels

COPPER (JUN) – The current copper market situation is weak, says Aurubis AG, Europe's biggest copper smelter. Smelter capacity utilization may remain at a lower level as the production of refined copper continues to be susceptible to disruptions. Expected resistance and support level for today trade are as follows:

TREND BEARISH

SUPPORT 1: 419.50

SUPPORT 2: 414.25

RESISTANCE 1: 431.65

RESISTANCE 2: 438.95

CRUDE OIL (MAY) – Weakness is occurring across all the five broad commodity sectors during the current quarter with losses particularly heavy in the agriculture and energy sectors. As of this week, total returns on benchmark commodity indices are down year to date. Consequently, commodities are slipping further down the league table in terms of asset class returns. Expected resistance and support levels for the crude may contract with expiry date of may 2012 are:

TREND BEARISH

SUPPORT 1: 5015

SUPPORT 2: 4905

RESISTANCE 1: 5235

RESISTANCE 2: 5345

GOLD (JUN) - Gold is trading at its lowest levels since December, but Morgan Stanley said that gold’s bull market “is not over” and that they are buyers of the metal at current prices. Resistance and support levels for the today’s session for Gold JUN contract which will expire in JUN 2012 are:

TREND BEARISH

SUPPORT 1: 28175

SUPPORT 2: 27965

RESISTANCE 1: 28465

RESISTANCE 2: 28585

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: 53445

SUPPORT 2: 53090

RESISTANCE 1: 54665

RESISTANCE 2: 54895

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Market Overview:

 

Uncertainty is looming large – be it on the domestic economic outlook or global growth prospects.

Confidence and conviction are in short supply these days as markets continue to get weakness, due to deteriorating economic backdrop. Uncertainty is looming large – be it on the domestic economic outlook or global growth prospects. Things continue to be chaotic and messy almost across the board. The Rupee is under the hammer on two counts – weak Indian fundamentals and global risk aversion. Inflation remains stubbornly high despite moderation in GDP growth, leaving less elbow room for any policy action on the part of the RBI. The Center is lethargic and unusually scared to take crucial policy decisions – be it on subsidies or FDI.

Greece is back in focus globally amid mounting fears that the indecisive outcome of elections is pushing it to the dark yet again. The debt-laden nation could most probably leave the euro currency bloc. It is debatable whether the so-called ‘Grexit’ will be orderly or disruptive for the euro and the world. For now though investors remain fearful.

Volatility has also increased lately given the bleak near-term outlook. A lot of damage has already been done but the bias still remains negative. Medium-to long-term investors could snap up quality stocks at lower levels.

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