COMMODITY NEWS AND TRADING LEVELS FOR 25TH MAY 2012

Commodity Trading Levels

COPPER (JUN) – Indian commodity futures market which witnessed rapid growth in trade volumes in the past few years has receded a bit in the first month of the current financial year (2012-13) with Forward Mraket Commission (FMC) data showing 10% decline. Expected resistance and support level for today trade are as follows:

TREND CONSOLIDATE

                   

SUPPORT 1: 420.20

SUPPORT 2: 417.25

RESISTANCE 1: 430.70

RESISTANCE 2: 432.00

CRUDE OIL (JUN) – Bahrain oil production is expected to double to 100,000 barrels a day (bpd) from the current 50,000 bpd within five years, said Abdul-Hussain Ali Mirza, Bahrain’s energy minister. Expected resistance and support levels for the crude JUN contract are:

TREND CONSOLIDATE

SUPPORT 1: 4950

SUPPORT 2: 4880

RESISTANCE 1: 5170

RESISTANCE 2: 5305

GOLD (JUN) – Gold is getting hit by both dollar strength and the weak demand, since last 2 days. Resistance and support levels for the today’s session for Gold JUN contract which will expire IN JUNE 2012 are:

TREND CONSOLIDATE

SUPPORT 1: 28635

SUPPORT 2: 28271

RESISTANCE 1: 29167

RESISTANCE 2: 29305

SILVER (JUL) – Strengthening dollar is actually suppressing the white precious metal since last few sessions. Silver is Expected resistance and support levels for today trade are as follows:

TREND CONSOLIDATE

SUPPORT 1: 53170

SUPPORT 2: 52820

RESISTANCE 1: 55119

RESISTANCE 2: 55505

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Market Overview

The opening today is likely to be sluggish. Asian markets are more or less flat following a subdued session on Wall Street.

The dollar finally saw some cooling following words and perhaps action from the RBI. A separate dollar window for oil companies is being considered, says RBI governor. The dismay in petrol price hike was more than expected. The question now is will there be a rollback? Indications are state-run oil marketers could reduce petrol prices if the rupee improves and crude holds steady. The EGoM scheduled for today to consider a hike in diesel and other fuels may not happen. .

Market participants are very cautious especially due to a weak currency and lack of policy action. Any positive movement on policy front will boost sentiment. There might be some disappointments as well. So, be prepared for more sideways action on the main indices in the near term. The NSE Nifty has got stuck in a trading range of 4800-4960 and a breakout beyond this range will determine the near term direction. The recent correction has made quite a few quality stocks look attractive from medium- to long-term perspective. But, do proper due diligence before committing yourself to any counter.

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