COMMODITY NEWS AND TRADING LEVELS FOR 16TH 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: 415.40

SUPPORT 2: 408.15

RESISTANCE 1: 429.35

RESISTANCE 2: 437.45

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: 4915

SUPPORT 2: 4805

RESISTANCE 1: 5185

RESISTANCE 2: 5315

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: 28015

SUPPORT 2: 27895

RESISTANCE 1: 28265

RESISTANCE 2: 28385

                                   

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: 52705

SUPPORT 2: 52545

RESISTANCE 1: 53155

RESISTANCE 2: 53295

Get free commodity tips, silver price,Gold price,crude oil, commodity market tips,commodities, best commodity tips,crude oil prices.

Enjoy Free Commodity Tips

Market Overview:

The peripheral European nation’s future in the euro currency bloc is in doubt as all efforts to form a new government have failed.

A weak Wednesday is expected as Indian equities are set to fall again after a small breather on Tuesday. The ‘risk-off’ trade continues amid growing concerns about the political impasse in Greece.Fresh Greek election is imminent, raising fears of a disorderly exit from the eurozone and a broader meltdown

India is facing its own set of macro-economic problems, dragging down the rupee and exacerbating the selling by FIIs. investors are advised to Stick to a defensive portfolio and avoid any adventures.

Indian markets ended on a positive note on Tuesday, thus ending five days of losses, with the NSE Nifty closing above 4900 levels. A change in the ongoing trend would be confirmed only if the Nifty crosses 4970; till then any pullbacks are likely to be met with fresh selling pressure. The immediate support for the Nifty is seen around 4880 levels.

Click Here For Commodity Tips